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Power Shares Drive Wall Street Higher By Reuters




© Reuters. Traders work on the New York Stock Exchange

By Shreyashi Sanyal

(Reuters) – Energy stocks helped Wall Street's main indexes break two days of weakness and trade on Thursday with the hope of higher interest rates Crude oil prices rose following a suspected attack on two tankers in the Gulf of Oman near Iran and in the Strait of Hormuz, which drove crude oil prices up to 4%, one day after reaching the lows of five months, one fifth of the world Oil consumption passes.

The S & P Energy Index rose 1

.21%, the strongest among the eleven large sectors. Shares of major oil companies Exxon Mobil Corp (NYSE 🙂 and Chevron Corp (NYSE 🙂 each rose 1%.

"There is a positive correlation between stock markets and oil prices, which is the trigger of the day," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

Wall Street's main indexes started sharply the month, hoping that the Federal Reserve will fight a slowing global economy due to the escalating trade war with China. The benchmark has so far risen by 5% in June.

Wednesday's consumer price data pointed to a modest increase in inflation, which contributed to expectations of a rate cut as early as July. The Fed's political leaders are expected to meet on 18/19. June and the markets have priced in at least three key rate cuts in 2019.

However, there were doubts on the trade front about improving what President Trump called "irritated" trade relations with China ahead of the G20 summit later this month.

"There is still uncertainty about trade policy and what the Fed will do. That still holds a lot of people on the heels of this point," said Brown.

Walt Disney (NYSE 🙂 co-shares gained 2.56%, pushing the communications services sector up 0.80% after Morgan Stanley (NYSE 🙂 his forecast for Disney Plus subscribers had raised growth.

At 9:53 CET, the value rose 109.90 points or 0.42% to 26,114.73, the S & P 500 increased by 13.06 points or 0.45% to 2,892.90 and the value was around 51.41 points or 0.66% to 7,844.13.

The Biggest Impacts for the Indexes Gained Profits at Marquee Companies Facebook Inc (NASDAQ :), Apple Inc (NASDAQ :), Amazon.com Inc (NASDAQ :), Microsoft Corp [19659008] (NASDAQ 🙂 and Alphabet (NASDAQ 🙂 Inc, which rose between 0.5% and 1.1%.

Tyson Foods (NYSE 🙂 rose 1.51% after the meat processor launched its first vegan and mixed protein products. The share of vegan burger maker Beyond Meat fell 1.65%.

Twitter Inc (NYSE 🙂 stocks fell 3.26%, the strongest among the S & P 500 companies, after broker Moffett Nathanson had expected the cost of the social media company to rise and revenue growth will slow down.

The increase in emissions exceeded the decline of 3.87 to 1 on the NYSE and 2.48 to 1 on the Nasdaq.

The S & P Index posted 23 new 52-week highs and a new low Nasdaq recorded 32 new highs and 24 new lows.

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