Wall St. rebounds, fueled by energy stocks
By April Joyner NEW YORK (Reuters) - U.S. stocks rose on Wednesday, with the S&P 500 set to erase all its losses from Tuesday as signs of easing political turmoil in Italy emerged
By April Joyner
NEW YORK (Reuters) - U.S. stocks rose on Wednesday, with the S&P 500 set to erase all its losses from Tuesday as signs of easing political turmoil in Italy emerged.
Italy's 5-Star Movement party made a renewed attempt to form a coalition government and called for eurosceptic economist Paolo Savona to withdraw his candidacy as economy minister.
The Italian government's successful auction of five- and 10-year bonds also assuaged concerns about the country's ability to finance itself after a sell-off in Italian bonds on Tuesday resulted in the biggest one-day surge for two-year yields in 26 years.
Fears about instability in Italy had sent investors scurrying to safety assets on Tuesday. U.S. stocks took a beating, with the S&P 500 posting its first 1 percent drop in May, while the U.S. Treasury market had its best day since at least July 2011.
"The market is reversing what appears to be a knee-jerk reaction from yesterday," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. "As people take a step back, it appears that the sell-off was overdone."
The Dow Jones Industrial Average <.DJI> rose 302.45 points, or 1.24 percent, to 24,663.9, the S&P 500 <.SPX> gained 34.81 points, or 1.29 percent, to 2,724.67 and the Nasdaq Composite <.IXIC> added 69.01 points, or 0.93 percent, to 7,465.61.
The Russell 2000 index of small-cap stocks <.RUT> hit an all-time high during Wednesday's session, buoyed by data confirming the strength of the U.S. economy. Small-cap U.S. companies generally have less international exposure than their large-cap counterparts.
Payroll processor ADP's monthly report showed U.S. private sector payrolls increased by 178,000 jobs in May. The Commerce Department revised its estimate of first-quarter gross domestic product growth slightly downward but estimated that U.S. GDP growth in the second quarter would rise above 3 percent annually.
The S&P energy index <.SPNY> jumped 3.2 percent and was on track for its biggest one-day gain in seven weeks.
Energy shares, which provided the biggest boost to the S&P 500, benefited from a 2.2-percent surge in U.S. crude oil prices. [O/R]
Cloud-based business software maker Salesforce.com
Advancing issues outnumbered declining ones on the NYSE by a 4.48-to-1 ratio; on Nasdaq, a 2.78-to-1 ratio favored advancers.
The S&P 500 posted 28 new 52-week highs and two new lows; the Nasdaq Composite recorded 193 new highs and 28 new lows.
(Additional reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur and James Dalgleish)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Laura Sanicola NEW YORK (Reuters) - Oil prices settled higher on Tuesday, with Brent hitting above $71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the United States as OPEC+ agreed to boost output. Brent crude futures for August settled up 93 cents, or 1.3%, to $70.25 a barrel after hitting $71 earlier in the session - its highest intra-day price since March 8. U.S.
By Lewis Krauskopf, Shashank Nayar and Medha Singh (Reuters) - Wall Street's main indexes ended little changed on Tuesday, with gains in energy and financial shares countering declines in healthcare, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation. The S&P 500 financial sector hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector
(Reuters) - Zoom Video Communications Inc on Tuesday forecast better-than-expected revenue for the current quarter, after beating quarterly estimates, as the video-conferencing platform expects steady growth from remote work and online learning. Zoom became a household name during the pandemic as businesses and schools switched to its video conferencing platform for virtual classes, office meetings and social catch-ups