NEW YORK: Petroleum-linked shares bounced early Monday on higher oil prices as US stocks rose into record territory ahead of major earnings and housing data releases this week.
News that Iraqi forces seized an oil field from Kurdish fighters in a disputed region lifted shares of Dow members ExxonMobil and Chevron and other petroleum-linked equities.
Analysts also said investors were encouraged by Chinese factory inflation data that offered further assurance about the world’s second-biggest economy.
About 15 minutes into trading, the Dow Jones Industrial Average was at 22,936.32, up 0.3 percent.
The broad-based S&P 500 rose 0.2 percent to 2,558.64, while the tech-rich Nasdaq Composite Index gained 0.3 percent to 6,625.46.
All three indices were above their all-time closing highs.
This week’s earnings calendar includes Johnson & Johnson, Goldman Sachs, Procter & Gamble and General Electric. There will also be reports on September housing starts and existing home sales.
Catering and housekeeping company Aramark advanced 3.1 percent on news it is acquiring hospitality procurement services provider Avendra for $1.4 billion and linen rental company AmeriPride Services for $1.0 billion.
Nordstrom fell 3.4 percent after announcing it was suspending efforts to take the department store chain private until after the holiday shopping season.
Source: Brecorder.com
