U.S. stocks rose on Thursday after two days of declines, as energy shares reboun...
NEW YORK - U.S. stocks rose on Thursday after two days of declines, as energy shares rebounded with oil on concerns of a supply disruption following attacks on two tankers in the Gulf of Oman.
Oil futures settled more than 2% higher, while the S&P 500 energy index gained 1.3%, the most of the 11 major sectors. “There are still concerns over geopolitical risk,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. “The market is waiting to hear from the Fed... and whether they will deviate at all from their latest stance - and I call it an active dovish position - and to see if they continue to lay the groundwork for a rate cut perhaps later in the summer,” Krosby said.
On the trade front, there were doubts of any improvement in what President Donald Trump called “testy” trade relations with China in the run-up to the G20. Advancing issues outnumbered declining ones on the NYSE by a 2.66-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favored advancers.
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