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Category: Stockmarket / Currency / Markets / Futures

US stocks jump on rising oil prices

Wednesday, 13 Apr 2016 07:05:37 | Thuy Ong

Traders were busy buying stocks on Wall St overnight. (Brendan McDermid,file photo: Reuters)

Wall Street has finished at one-week highs aided by a bump in oil prices which helped energy companies surge.

Global oil prices hit four-month highs, hovering just under $US45 a barrel after a report that top producers Russia and Saudi Arabia have agreed to freeze output.

The Dow Jones Industrial Average climbed 0.9 per cent to 17,721.

The Nasdaq rose 0.8 per cent to 4,872, while the S&P 500 jumped 1 per cent to 2,062.

Energy shares jumped 2.8 per cent, with major oil players Exxon Mobil and Chevron among the biggest gainers on the S&P 500.

Exxon Mobil climbed 1.2 per cent, while Chevron jumped 2.4 per cent to near four-week highs of $US97.51.

The jump on Wall Street overshadowed caution on the upcoming earnings season in the US - where company results are expected to be limp.

Overnight, in London, the FTSE 100 added 0.7 per cent to 6,242, the German DAX gained 0.8 per cent to 9,761 and France's CAC 40 rose 0.8 per cent to 4,346.

Locally, shares are set to follow overseas markets higher, with the ASX SPI 200 gaining 0.8 per cent to 4,993.

The Australian dollar was flat after soaring overnight to near two-week highs of 76.8 US cents.

It also rose against major currencies, and was buying 83.3 Japanese yen, 53.9 British pence, 67.5 euro cents and $NZ1.11.

On commodities markets, iron ore jumped overnight to $US55.90 a tonne.

Spot gold dipped slightly to $US1,255 an ounce.

West Texas crude jumped 4.5 per cent to sell at $US42.17 a barrel on hopes that oil producers will agree on steps to address a supply glut.

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