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Wall Street stocks gain as oil shares lead

Wall Street stocks gain as oil shares lead

A street sign for Wall Street outside the New York Stock Exchange (NYSE) in Manhattan, New York City. (Photo: Reuters/Andrew Kelly)

NEW YORK: Wall Street stocks rose on Thursday (Jun 13), with petroleum-linked shares gaining after suspected attacks on a pair of tankers boosted oil prices.

Shares of Dow member Exxon Mobil gained almost one per cent, while Halliburton surged 2.8 per cent following the incidents in the Gulf of Oman. US Secretary of State Mike Pompeo accused Iran of being behind the attacks.

READ: Iran 'responsible' for Gulf of Oman attacks: Pompeo

The Dow Jones Industrial Average finished up 101.94 points (0.39 per cent) at 26,106.77.

The broad-based S&P 500 gained 11.80 points (0.41 per cent) to 2,891.64, while the tech-rich Nasdaq Composite Index rose 44.41 points (0.57 per cent) to 7,837.13.

The gains followed two days of mild losses for US stocks, which have recovered in June after retreating in May.

Investor sentiment has been lifted by a series of dovish statements by Federal Reserve officials, which has helped to offset uncertainty about US-China trade tensions.

US airline shares jumped, with American Airlines surging 6.4 per cent and United Continental rising four per cent following reports that some carriers were implementing price hikes on domestic flights.

Dow member Disney surged 4.4 per cent as Morgan Stanley lifted its price target on the company.

Yoga attire company Lululemon Athletica won 2.1 per cent after first-quarter earnings and sales topped analyst expectations.

Tyson Foods added 0.8 per cent as it launched a slate of alternative protein products, including plant-based items and offerings that mix plant ingredients with meat.

Source: AFP/de


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