Stocks end the day with gains as oil prices rise
Traders work on the floor of the New York Stock Exchange on Wall Street on Monday, April 18, 2016. Credit: Bloomberg News / Michael Nagle
Energy companies led U.S. stocks slightly higher Wednesday as the price of oil recovered from an early slide. Investors were also weighing the latest company earnings and deal news.
At the close on Wall Street, the Dow Jones industrial average was up 42.7 points, about 0.2 percent, at 18,096.3. The Standard & Poor’s 500 index gained 1.6 points, about 0.1 percent, to 2,102.4. The Nasdaq composite added 7.8 points, about 0.2 percent, to 4,948.1.
CRUDE ENERGY: U.S. crude reversed an early morning slide. As markets closed, the price of benchmark U.S. crude oil was up $1.35 about 3.2 percent, at $43.82 a barrel in trading on the New York Mercantile Exchange. In London, the price of the international standard, Brent crude, gained $1.41, about 3.2 percent, to $45.44 a barrel.
THE QUOTE: After several weeks of moving in different directions, the stock market appears to be getting more closely tied to the fluctuations in oil prices. “Oil is what’s been driving the market lately,” said Chris Gaffney, president of EverBank World Markets.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
