Close Update: Higher Oil Fuels Wall Street Rally

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Wall Street held on to sizeable gains Tuesday as a reallocation into equities was fueled by higher oil prices and strength in overseas markets. Industrials stood out among a field of green among S&P 500 sectors, followed by impressive gains in the energy and materials sector thanks to upbeat inflation data from China. Of the 30 Dow components, only Wal-Mart ( WMT ) and Pfizer ( PFE ) were in the red.

Oil prices were up by more than 2% Tuesday as the fallout from the Canadian wildfires and unrest in Nigeria offset price pressures stemming from rising U.S. stockpiles. In a monthly report issued Tuesday, the U.S. Energy Information Administration raised its estimate for U.S. crude oil production to 8.19 million barrels a day in 2017 from 8.04 million barrels a day previously. Estimates for 2016 were left unchanged at 8.6 million barrels a day. The EIA also raised its 2017 price forecast 25% to $50.65 per barrel.

On the economic front, U.S. wholesale inventories were up 0.1% in March, below estimates for a 0.3% increase. Sales rebounded 0.7%, its largest increase since April 2015 after declining 0.2% in February. The inventory-sales-ratio remained unchanged at 1.36.

Additionally, there were 5.757 million job openings in March, beating estimates for a slight decline to 5.431 million. February job openings and labor turnovers were revised to 5.608 million from 5.445 million.

Here's where the markets stood at the close:


Dow Jones Industrial Index was up 222.44 points (+1.26%)

S&P 500 was up 25.70 points (+1.25%)

Nasdaq Composite Index was up 59.67 points (+1.26%)


FTSE 100 was up 0.68%

Nikkei 225 was up 2.15%

Hang Seng Index was up 0.43%

Shanghai China Composite Index was up 0.02%


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Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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