logo-loader

Wall Street shares close higher after oil supply talks on

Last updated: 16:20 25 Feb 2016 EST, First published: 05:52 25 Feb 2016 EST

shutterstock_170117465_56cf75246024e

Wall Street tickers posted a firm close on Thursday, as oil prices changed direction in the last hour of trading on supply talks hopes, and once more underlined how at their mercy stocks really are.

The Dow Jones Industrial Average led the gains, up 1.3% at 16,697, while the broader S&P500 index was up 1.1% at 1,951, and the tech-heavy Nasdaq Composite up 0.87% at 4,582.

The US oil benchmark, the West Texas Intermediate, was up 2.7% at $33.03, swinging from an earlier loss, after Venezuela reaffirmed an oil producers' meeting in mid-March that would include Saudi Arabia, Russia and Qatar.

Among stocks gaining of their own accord, shares of LendingTree (NASDAQ:TREE) gained 22% to $85.50 after reporting record-breaking revenues in its fiscal 2015 earnings results, with a positive outlook for 2016, while shares of Diamond Resorts International (NYSE:DRII) jumped by 22% to $23.25 after the company said it will explore strategic alternatives to extract higher shareholder value.

But it was not all gains. Shares of IT group HP (NYSE:HPQ) slid 4.7% to $10.33 after posting a larger-than-expected revenue drop in its personal systems and printing segments. The company did, however, post third quarter earnings and revenue that were in line with expectations.

Bankrate (NYSE:RATE) sustained a heavy drop of 44% to $7.10 after the personal finance information provider reported lower advertising revenue as well as competition from tech giant Google hurt its earnings.


Midsession

Wall Street markets endured a scrappy session midsession on Thursday, as tickers pointed higher thanks to a bullish durables goods report, but gains curbed by weaker energy stocks led by another drop in oil prices.

The Dow Jones Industrial Average was up 0.8% at 16,619, the broader S&P500 index up 0.6% at 1,942, and the tech-heavy Nasdaq Composite up 0.3% at 4,558.

Orders for long-lasting durable goods posted their largest monthly gains since last spring, boosting the view that the US manufacturing sector is starting to find its feet.

The gains were only marred by US benchmark oil prices down, with the West Texas Intermediate down 0.8% at £31.88.


Open

Wall Street shares painted a mixed picture at the open as the latest US oil figures fuelled further glut fears.

The Dow Jones added 22 at 16, 512, the S&P500 added two, while the Nasdaq was down five at 4,538.

Data showed US crude inventories are up again, affirming the oversupply that has dogged the market for nearly two years.

US crude inventory rose by 3.5 million barrels last week, according to official data.

Investors are also mulling US orders for durable goods, which rose 4.9% in January to mark the biggest gain in 10 months, but underlying business investment remained soft.

The latest report merely made up for December’s dismal performance, one analyst was quoted as saying.

In London, FTSE100 is up 2.37% at the time of writing to 6,006 and other European indices are higher.

In big movers, Diamond Resorts International (NYSE:DRII) added over 24% as it mulls strategic alternatives.

ARway.ai announces multiple new SaaS developer contracts in both the United...

ARway.ai (CSE:ARWY, OTCQB:ARWYF) Chief Executive Officer Evan Gappelberg joined Steve Darling from Proactive to announce multiple new SaaS developer sign-ups for its augmented reality experience platform, focusing on AR indoor navigation. These partnerships represent significant milestones in...

2 hours, 12 minutes ago