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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:

U.S MARKETS

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%)

GLOBAL SENTIMENT

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%

UPSIDE MOVERS

(+) CCXI (+42.38%) Galenica Group's Vifor Pharma has licensed rights to commercialize CCX168, reported wider-than-expected loss

(+) SODA (+23.69%) Beats Wall Street Q1 estimates, revenue rises from year-ago

(+) AKRX (+20.06%) Beats revenue estimates, reaffirms FY16 guidance

(+) DERM (+17.29%) Topline results from Phase 2 study of DRM01 demonstrated significant improvement in all primary endpoints

DOWNSIDE MOVERS

(-) NLNK (-30.61%) Pancreatic cancer therapy misses primary study goal

(-) MNKD (-27.91%) Announced 48 million share offering

(-) SCTY (-20.84%) Beats Q1 sales estimates but EPS loss is wider than expected

(-) GPS (-11.51%) Sales misses estimates, comps down 7%

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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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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