Actionable news
0
All posts from Actionable news
Actionable news in FCAU: FIAT CHRYSLER AUTOMOBILES N.V.,

Stocks Close in on Records as Oil Prices Spike

1

There's the prospect of less oil on the markets and that tipped the odds in commodity traders' favor on Tuesday.

A rally in energy stocks put a fire under the entire market, pushing the major averages nearer to record highs.

Major oilers Chevron (CVX) and Exxon Mobil (XOM) shares boosted the Dow Jones Industrial Average, while Royal Dutch Shell (RDS.A) , BP (BP) , and Total (TOT) pushed the S&P 500 higher.

Over Tuesday's session, the S&P 500 added 0.27%, the Dow rose 0.5%, and the Nasdaq gained 0.35%.

The day's gains, though modest, put benchmark indexes closer to the record highs achieved in May. Stocks had returned to record-breaking territory after October's rally helped to overturn a pullback in August and September. The S&P 500 is less than 1% from its record close, while the Dow hovers less than 400 points from its own.

Crude could continue to pull the energy sector higher, though likely just in the short term.

"Price action suggests the path of least resistance is higher for now," Scott Shelton, oil broker and commodities specialist at ICAP, told CNBC.

Tuesday's bounce was tied to an oil worker strike...


More