You are here

US: Energy, retail shares lead stocks higher


[NEW YORK] Wall Street stocks rose for the second straight session on Tuesday, led by the energy and retail sectors.

At the closing bell, the Dow Jones Industrial Average stood at 17,919.69, up 90.93 points (0.51 per cent).

The broad-based S&P 500 rose 5.82 (0.28 per cent) to 2,109.87, while the tech-rich Nasdaq Composite Index advanced 17.98 (0.39 per cent) to 5,145.13.

Dow members ExxonMobil rose 1.8 per cent and Chevron 3.4 per cent, extending Monday's gains. A note from Evercore said large oil companies could benefit if oil prices recover and industry consolidation accelerates.

Retail stocks jumped after Victoria's Secret parent company L Brands and teen retailer American Eagle Outfitters lifted their earnings forecasts, with the latter saying it was able to charge full prices and resort less frequently to promotions.