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Wall Street rallies on higher petroleum stocks

2019-06-14 HKT 04:38
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  • Shares of Dow member Exxon Mobil gained almost one percent, while Halliburton surged 2.8 percent following the incidents in the Gulf of Oman. Image: Shutterstock
    Shares of Dow member Exxon Mobil gained almost one percent, while Halliburton surged 2.8 percent following the incidents in the Gulf of Oman. Image: Shutterstock
Wall Street stocks rose on Thursday, with petroleum-linked shares gaining after suspected attacks on a pair of tankers boosted oil prices.

Shares of Dow member Exxon Mobil gained almost one percent, while Halliburton surged 2.8 percent following the incidents in the Gulf of Oman. US Secretary of State Mike Pompeo accused Iran of being behind the attacks.

The Dow Jones Industrial Average finished up 0.4 percent at 26,106.77.

The broad-based S&P 500 also gained 0.4 percent to 2,891.64, while the tech-rich Nasdaq Composite Index rose 0.6 percent to 7,837.13.

The gains followed two days of mild losses for US stocks, which have recovered in June after retreating in May.

Investor sentiment has been lifted by a series of dovish statements by Federal Reserve officials, which has helped to offset uncertainty about US-China trade tensions.

US airline shares jumped, with American Airlines surging 6.4 percent and United Continental rising four percent following reports that some carriers were implementing price hikes on domestic flights.

Dow member Disney surged 4.4 percent as Morgan Stanley lifted its price target on the company.

Yoga attire company Lululemon Athletica won 2.1 percent after first-quarter earnings and sales topped analyst expectations.

Tyson Foods added 0.8 percent as it launched a slate of alternative protein products, including plant-based items and offerings that mix plant ingredients with meat. (AFP)