Wall Street hits record as oil, industrial stocks gain
Wall Street surged to fresh highs on Thursday as rising oil prices lifted energy stocks and upbeat forecast from No. 2 U.S. carrier Delta Air Lines drove airline stocks higher.
Delta Air Lines
That helped the Dow Jones U.S. Airlines index <.djusar> up 2.25 percent.
"You see this continued rotation into stocks that will accelerate with the economy," said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee.
"Energy is in a good space with crude above 64 bucks and you have industrials being driven by airlines stocks."
At 12:20 p.m. ET (1720 GMT), the Dow Jones Industrial Average <.dji> was up 119.54 points, or 0.47 percent, at 25,488.67 and the S&P 500 <.spx> was up 10.06 points, or 0.37 percent, at 2,758.29.
The Nasdaq Composite <.ixic> was up 28.63 points, or 0.4 percent, at 7,182.20.
Wall Street snapped its six days of gains for the first time in 2018 on Wednesday over speculations that China would slow U.S. government bond purchases and a report that U.S. President Donald Trump would end a key trade agreement.
Investor focus returned to quarterly earnings, which will start in full swing on Friday, with the big U.S. lenders JPMorgan
Earnings for S&P 500 companies are expected to increase by 11.8 percent on an average, with the biggest contribution from the energy sector, according to Thomson Reuters I/B/E/S.
"Expect some irregularities with respect to earnings in the quarter, but investors are looking beyond the impact of tax and how it hits the bottom line," said Massud Ghaussy, director at Nasdaq Advisory Services.
Investors shrugged off data that showed U.S. producer prices fell for the first time in nearly 1-1/2 years in December and weekly jobless claims that fell for the fourth straight week to more than a three-month high.
Advancing issues outnumbered decliners on the NYSE by 2,103 to 762. On the Nasdaq, 2,140 issues rose and 771 fell.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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