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Wall Street hits record as oil, industrial stocks gain

Reuters 

By Sruthi Shankar

(Reuters) - surged to fresh highs on Thursday as rising prices lifted energy and upbeat forecast from No. 2 U. S. carrier drove higher.

Brent crude rose above $70 a barrel and U. S. crude rose 1.57 percent to $64.58 per barrel, its highest since December 2014, boosted by a surprise drop in U. S. production and lower crude inventories.

rose 3.2 percent and 1.5 percent, helping the index <. SPNY> gain 2.24 percent and putting it on track for its best percentage gain in more than seven months.

rose about 2 percent after reporting upbeat quarterly profit as well as forecast, helped by higher business fares in a busy holiday season.

That helped the index <. DJUSAR> up 2.25 percent.

"You see this continued rotation into that will accelerate with the economy," said Michael Antonelli, managing of institutional sales trading at Robert W. Baird in

"Energy is in a good space with crude above 64 bucks and you have industrials being driven by airlines "

At 12:20 p.m. ET (1720 GMT), the <.

DJI> was up 119.54 points, or 0.47 percent, at 25,488.67 and the <. SPX> was up 10.06 points, or 0.37 percent, at 2,758.29.

The <. IXIC> was up 28.63 points, or 0.4 percent, at 7,182.20.

snapped its six days of gains for the first time in 2018 on Wednesday over speculations that would slow bond purchases and a report that U. S. 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 and .

Earnings for companies are expected to increase by 11.8 percent on an average, with the biggest contribution from the energy sector, according to 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, at

edged up 0.34 percent after the world's largest retailer decided to raise entry-level wages for hourly employees to $11 an hour in February as a result of corporate tax cuts.

shares jumped 4.22 percent after the Journal reported the was in deal talks with Japanese <4901. T> that could include a change in control of

Investors shrugged off data that showed U. S. prices fell for the first time in nearly 1-1/2 years in December and weekly jobless claims increased 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 version of the story corrects paragraph 16 to say jobless claims 'increased', not 'fell', for the fourth straight week)

(Reporting by in Bengaluru; Editing by and Arun Koyyur)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 23:53 IST
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