Wall Street climbs, assisted by oil prices and US data
U.S. stocks ended higher on Thursday, fueled by the upward revision to the U.S. economic growth and rising oil prices.
Forex today: US dollar firms up and yields rise
Gross domestic product increased at a 2.1 percent annualized rate instead of the previously reported 1.9 percent pace, as robust consumer spending spurred the largest increase in imports in two years, the Commerce Department said on Thursday. Further details of the report showed that the consumer spending growth was reported at 3.5%, up from 3%. Financial shares cheered the data as the .SPSY gained 1.2%.
Oil prices were able to extend their gains on increasing optimism of an extension of the production cuts. Earlier during the NA session, state news agency KUNA reported that Kuwait oil minister Essam al-Marzouq said his country was supporting the extension of a deal between the OPEC and other exporters. Following the news, oil topped $50 a barrel for the first time in three weeks and the energy sector .SPNY added to its recent gains for the third straight day.
The Dow Jones Industrial Average added 69.17 points, or 0.33%, to 20,728.49, the S&P 500 rose 8.25 points, or 0.35%, to 2,368.06 and the Nasdaq Composite gained 16.80 points, or 0.28%, to 5,914.34 (new record closing).
Headlines from the U.S. session
- Fed's Dudley: Gradual rate hikes appropriate to avoid overheating, significant inflation overshoot
- China: The economy is stabilizing - BBH
- It's not realistic to expect a major increase in oil prices - IEA - Reuters
- WTI jumps above $50 for the first time in three weeks
- Emerging markets overview Q2 2017 - BBH