{"id":5957,"date":"2016-02-22T18:45:47","date_gmt":"2016-02-23T00:45:47","guid":{"rendered":"http:\/\/nrgibroker.com\/?p=5957"},"modified":"2016-08-22T15:19:12","modified_gmt":"2016-08-22T20:19:12","slug":"energy-materials-lead-wall-street-gains-as-oil-jumps","status":"publish","type":"post","link":"https:\/\/nrgibroker.com\/en\/energy-materials-lead-wall-street-gains-as-oil-jumps\/","title":{"rendered":"Energy, materials lead Wall Street gains as oil jumps"},"content":{"rendered":"

Wall Street was higher on Monday as prices of crude oil and other commodities surged, pointing to an uptick in investors’ risk appetite following a rout in global markets.<\/span><\/h3>\n

Crude prices were up more than 5 percent after data showed a fall in U.S. rig counts and the International Energy Agency said it expects U.S. shale oil output to fall.<\/h3>\n

Prices of industrial metals such as Copper and Zinc were also up as investors worried about potential shortages.<\/h3>\n

Still, oil prices are hovering near levels last seen in 2003, with investors weighing the impact of a potential wave of defaults from energy companies on the financial sector.<\/h3>\n

Chevron’s (CVX.N<\/a>) 1.4 percent rise provided the biggest boost to the energy sector .SPNY.<\/h3>\n

The S&P financial sector .SPSY, which has been the worst performer among the 10 major sectors this year, was up 1.79 percent on Monday as bank stocks recovered slightly.<\/h3>\n

“You’ve seen oil rebound today, which people are viewing very much as a kind of a green flag in the short-term to take on risk again to a certain degree,” said James Abate, chief investment office of Centre Funds in New York.<\/h3>\n

Abate, however, cautioned Monday’s gains should not be seen as the start of a long-term recovery.<\/h3>\n

“To me, this continues to be a counter-trend rally in the context of an intermediate to longer-term decline in the stock market. Our view is that this is nowhere near the resumption of a bull market,” he said.<\/h3>\n

At 9:37 a.m. ET (1437 GMT), the Dow Jones industrial average\u00a0.DJI<\/a>\u00a0was up 179.29 points, or 1.09 percent, at 16,571.28, the S&P 500\u00a0.SPX<\/a>\u00a0was up 22.75 points, or 1.19 percent, at 1,940.53 and the Nasdaq Composite index\u00a0.IXIC<\/a>\u00a0was up 52.02 points, or 1.15 percent, at 4,556.45.<\/h3>\n

All 10 major S&P sectors were higher, led by a 2 percent rise in both energy .SPNY and materials .SPLRCM sectors.<\/h3>\n

Investors are also keeping a close eye on the U.S. Federal Reserve for its next move on interest rates.<\/h3>\n

While Fed Chair Janet Yellen has indicated the central bank would stick to its rate hike program, policymakers appear at odds and traders have all but given up on a hike this year.<\/h3>\n

Shares of Fitbit (FIT.N<\/a>) were up 4 percent at $16.24 ahead of its results later in the day.<\/h3>\n

Lumber Liquidators (LL.N<\/a>) was down 20.8 percent at $11.26 after a report showed people exposed to some types of the company’s laminate flooring were more likely to get cancer than previously estimated.<\/h3>\n

Advancing issues outnumbered decliners on the NYSE by 2,487 to 279. On the Nasdaq, 1,906 issues rose and 375 fell.<\/h3>\n

The S&P 500 index showed 13 new 52-week highs and no new lows, while the Nasdaq recorded 24 new highs and nine lows.<\/h3>\n

\"\"<\/a><\/h3>\n

<\/h3>\n

Copyright: Reuters<\/a><\/h5>\n","protected":false},"excerpt":{"rendered":"

Wall Street was higher on Monday as prices of crude oil and other commodities surged, pointing to an uptick in investors’ risk appetite following a rout in global markets. Crude prices were up more than 5 percent after data showed a fall in U.S. rig counts and the International Energy Agency said it expects U.S. […]<\/p>\n","protected":false},"author":1,"featured_media":5940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1017],"tags":[459,208],"class_list":["post-5957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-energy","tag-oil"],"_links":{"self":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/5957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/comments?post=5957"}],"version-history":[{"count":0,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/5957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media\/5940"}],"wp:attachment":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media?parent=5957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/categories?post=5957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/tags?post=5957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}