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Oil price rally bolsters U.S. shares
United States stocks posted the third weekly advance in a month after the biggest jump in oil since November lifted energy producers, and earnings from consumer companies exceeded analysts' estimates.
Exxon Mobil Corp and ConocoPhillips pushed energy companies in the Standard & Poor's 500 Index to the biggest gain in five months as crude oil rallied to 95.50 U.S. dollars a barrel.
Earnings reports from Comcast Corp, Molson Coors Brewing Co and Goodyear Tire & Rubber Co that topped forecasts also drove equities higher. Most stocks fell on Thursday after consumer confidence dropped to a 16- year low and manufacturing in New York contracted for the first time since 2005, said Bloomberg News.
"There were a lot of reasons to despair in terms of uncertainty, but this (last) week is encouraging in that the market seems to have stabilized," said Walter "Bucky" Hellwig, who helps oversee 30 billion U.S. dollars at Morgan Asset Management in Birmingham, Alabama. "Investors see the possibility of the economy starting to recover."
The S&P 500 rose 1.4 percent to 1,349.99 last week, trimming its decline this year to 8.1 percent. The Dow Jones Industrial Average added 1.4 percent to 12,348.21. The Nasdaq Composite Index advanced 0.7 percent to 2,321.80.
Rising gasoline demand and an unexpected jump in retail sales spurred a 4.1 percent rally in oil prices last week. Energy companies, last year's best-performing industry among 10 in the S&P 500, pared their loss for 2008 to 8.8 percent. Crude oil ended the week at the highest price since January 9.
Exxon gains
Exxon Mobil, the biggest US oil company, gained 4.5 percent to 85.37 U.S. dollars for the steepest weekly gain since March. ConocoPhillips, the third-largest, added 4.9 percent to 79.05 U.S. dollars. The S&P 500 Energy Index rose 4.7 percent.
Comcast jumped the most since August 2002, climbing 18 percent to 20.19 U.S. dollars. The largest US cable television operator reported quarterly earnings that topped analysts' estimates and said it will repurchase its stock and pay its first dividend in almost a decade. Molson Coors, the third-biggest US beer maker, gained 13 percent to 50.99 U.S. dollars after posting fourth-quarter profit that was 13 percent higher than the average analyst estimate.
Goodyear exceeded the average earnings estimate by 8.2 percent.
The American tire maker soared 13 percent to 26.86 U.S. dollars for the steepest weekly advance in five months.
Exxon Mobil Corp and ConocoPhillips pushed energy companies in the Standard & Poor's 500 Index to the biggest gain in five months as crude oil rallied to 95.50 U.S. dollars a barrel.
Earnings reports from Comcast Corp, Molson Coors Brewing Co and Goodyear Tire & Rubber Co that topped forecasts also drove equities higher. Most stocks fell on Thursday after consumer confidence dropped to a 16- year low and manufacturing in New York contracted for the first time since 2005, said Bloomberg News.
"There were a lot of reasons to despair in terms of uncertainty, but this (last) week is encouraging in that the market seems to have stabilized," said Walter "Bucky" Hellwig, who helps oversee 30 billion U.S. dollars at Morgan Asset Management in Birmingham, Alabama. "Investors see the possibility of the economy starting to recover."
The S&P 500 rose 1.4 percent to 1,349.99 last week, trimming its decline this year to 8.1 percent. The Dow Jones Industrial Average added 1.4 percent to 12,348.21. The Nasdaq Composite Index advanced 0.7 percent to 2,321.80.
Rising gasoline demand and an unexpected jump in retail sales spurred a 4.1 percent rally in oil prices last week. Energy companies, last year's best-performing industry among 10 in the S&P 500, pared their loss for 2008 to 8.8 percent. Crude oil ended the week at the highest price since January 9.
Exxon gains
Exxon Mobil, the biggest US oil company, gained 4.5 percent to 85.37 U.S. dollars for the steepest weekly gain since March. ConocoPhillips, the third-largest, added 4.9 percent to 79.05 U.S. dollars. The S&P 500 Energy Index rose 4.7 percent.
Comcast jumped the most since August 2002, climbing 18 percent to 20.19 U.S. dollars. The largest US cable television operator reported quarterly earnings that topped analysts' estimates and said it will repurchase its stock and pay its first dividend in almost a decade. Molson Coors, the third-biggest US beer maker, gained 13 percent to 50.99 U.S. dollars after posting fourth-quarter profit that was 13 percent higher than the average analyst estimate.
Goodyear exceeded the average earnings estimate by 8.2 percent.
The American tire maker soared 13 percent to 26.86 U.S. dollars for the steepest weekly advance in five months.
| xinhuanet |
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