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US stocks up on oil rally; Australian dollar cracks 75 US cents
Thursday, 10 Mar 2016 06:07:39 | Rebecca Hyam
US stocks eked out modest gains as a rise in energy stocks offset a fall for many biotech firms. (Brendan McDermid,file photo: Reuters)
A solid rally in oil prices underpinned strength in US energy stocks to lead Wall Street higher overnight.
A bigger-than-expected fall in gasoline inventories and few surprises from figures on US crude stockpiles helped to push Brent crude above $US40 a barrel.
Analysts say the advance in oil prices was helping to offset ongoing concerns about China's economic growth, and the prospect of higher interest rates in the United States.
Elsewhere, biotechnology shares came under pressure because of a US government health agency proposal that would change the way Medicare compensates doctors who administer vaccines in their offices.
The Dow Jones Industrial Average closed up 36 points, or 0.2 per cent, at 17,000.
The S&P 500 Index added 10 points, or 0.5 per cent, to 1,989, and the Nasdaq rose 25 points, or 0.6 per cent, to 4,674.
Firmer oil prices also lent support to European markets and, in London, the FTSE 100 rose 0.3 per cent to 6,146.
The Australian market is poised to open higher this morning and, at 8:20am (AEDT), the ASX SPI 200 was up 0.2 per cent to 5,166.
At the same time, the Australian dollar was worth 74.83 US cents.
The local currency continued to power ahead overnight, climbing to a fresh eight-month high above 75 US cents.
On the cross-rates, it was buying 68 euro cents, 52.61 British pence, 84.88 Japanese yen and $NZ1.12.
West Texas crude oil had increased to $US37.57 a barrel, the price of a barrel of Tapis had also risen to $US42.95 and spot gold had eased to $US1,250.81 an ounce.
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