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Wall Street Closes Higher Thanks to Energy Stocks

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Published on : Nov 04, 2015

An increase in the prices of oil stocks created a positive rally in energy companies. This aided Nasdaq and the S&P alter the course of the market’s progress and eventually move higher on Tuesday trading during the afternoon. Dow further added to the gains.

There was a recorded 2.6% increase in the energy sector, which is the best in between the 10 core S&P sectors. This helped the sector bounce back on track for its most positive five-day run since one month.

Of the ten S&P sectors, five sectors recorded lower, in which the consumer staples sector owned up a 0.79% loss. Nearly eight sectors were recorded to be lower when the market opened.

Chevron gained 3.5%, while Exxon shares climbed up 2%. The two stocks were viewed as the major influences on the S&P and Dow.

Another name with a positive growth was Visa, which landed at US$77.95 after a stock jump of 3.6%. This was accepted positively by many, after the 3% fall witnessed on Monday, when the company said they would buy Visa Europe.

There was a 7% boost in Activision Blizzard stocks, which ended up at US$37, becoming the fourth-largest boost on the Nasdaq. The stock fell earlier this week when the video game giant announced that it would buy King Digital, the creators of the Candy Crush Saga, for US$5.9 bn. On the same day, King Digital rose up in stocks to US$17.84, a 14.8% jump.

The two major drivers in the market for the week have been the Friday monthly job report, and the testimony delivered by Federal Reserve Chair Janet Yellen, on Wednesday, to the House Financial Services Committee