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US stocks rise as oil prices surge

BBC News BBC News 8/04/2016
NYSE traders © Reuters NYSE traders

(Closed): Wall Street stocks rose on Friday, despite concerns about corporate earnings, boosted by a surge in the price of crude oil.

The Dow Jones Industrial Average rose 35 points, or 0.2%, to 17576.96.

The S&P 500 was up 5.69 points to 2,047.60, while the Nasdaq added 2.32 points to 4850.69.

Crude prices rose 6% on Friday, sending the stocks of petroleum producers up. Brent crude reached $41.75 a barrel, while US crude stood at $39.53.

Shares of Exxon Mobile were up 1% and Chevron climbed 1.6%.

Pfizer shares fell 0.79%. The drug maker announced on Wednesday, it was abandoning its plan to buy Botox-maker Allergan after the US Treasury Department released plans for regulations that would make the deal less valuable.

Shares of retailers were mostly lower as investors worried about coming earnings announcements. Shares of Michael Kors fell 4.8%, while Coach lost 3.3%.

Department store Nordstrom fell 2.5%.

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