Wall St. higher as oil surges after tanker attacks in Gulf of Oman
- U.S. stocks continued to gain on Thursday after two days of declines, as energy shares turned attractive after oil prices rose sharply on concerns of supply disruption following suspected attacks on two tankers in the Gulf of Oman.
The S&P energy index jumped 1.18%, the most among the 11 major S&P sectors. Shares of oil majors Exxon Mobil Corp and Chevron Corp rose 1% each. Walt Disney Co gained 3.89% and was the biggest contributor to the sector after Morgan Stanley raised its forecast for Disney Plus subscriber growth. “The sentiment around trade talks is generally more dire. I think you’re going to see the Fed being very tempered on rate cuts and we’re going to see these muted gains as we gauge how severe the economic downturn is,” said Matt Lloyd, chief investment officer at Advisors Asset Management in Monument, Colorado.
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