Economy

US stocks end higher boosted by oil, bank shares

US stocks end higher boosted by oil, bank shares”

Energy stocks also rose as the price of crude oil climbed back above $70 a barrel, a day after the USA moved to withdraw from a nuclear accord with Iran.

At 9:53 a.m. EDT the Dow Jones Industrial Average was up 94.74 points, or 0.39 percent, at 24,637.28, the S&P 500 was up 11.44 points, or 0.42 percent, at 2,709.23 and the Nasdaq Composite was up 27.53 points, or 0.38 percent, at 7,367.43.

The S&P energy index rose 2.2 percent as oil prices hit their highest levels since late 2014 after Trump announced the "highest level" of sanctions against the OPEC member.

At 7:12 a.m. ET, Dow e-minis were down 8 points, or 0.03 percent.

US market indexes were mostly higher on Tuesday.

TripAdvisor soared 22.8 percent to $47.62 after the online travel booking company reported earnings that were much higher than analysts expected.

That had raised the expectations of higher interest rates, pushing the US 10-year Treasury yield to a two-week high and above the key 3 percent level.

The pickup in oil prices sent energy stocks higher.

May 10 (Reuters) - The Dow Jones Industrial Average was on track for sixth day of gains and the S&P 500 edged past a key technical level after tepid inflation data cooled worries of faster interest rate hikes. Financial sector stocks rose.

Match Group (MTCH.O) rose 5.6 percent after the Tinder-owner beat analysts' estimates for quarterly revenue and profit as it attracted more subscribers to its dating apps and websites.

Papa John's worldwide dropped 3.7 percent to $56.55 after the pizza chain's first-quarter results fell short of analyst estimates. Disney shares fell 1.8 percent to $99.97. Micron Technology rose 3 percent to $52.55. The move is Walmart's biggest acquisition yet and reflects the retailer's focus on growth opportunities as it tries to narrow the gap with Amazon.com. The euro strengthened to $1.1946 from $1.1861.

Gold dipped 70 cents to $1,313 an ounce.

In other energy futures trading, heating oil rose 6 cents to $2.22 a gallon. Natural gas gained a penny to $2.74 per 1,000 cubic feet.

INFLATION BELLWETHER: The Labor Department said that USA consumer prices rose a modest 0.2 percent in April, a sign that broader inflation pressure remain muted. Earlier in Asia, Japan's benchmark Nikkei 225 rose 0.4 percent.

Wells Fargo rose 0.8 percent after the lender said it expects efficiency efforts to cut expenses by $2 billion annually in 2018 and 2019. Australia's S&P/ASX 200 gained 0.2 percent.

The Russell 2000 is up 30.45 points, or 1.9 percent.



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