AN AFTERNOON rally, helped by an upturn in oil prices, offset some disappointing earnings results on Wall Street yesterday.
The S&P 500 had fallen as much as 0.6 per cent earlier, led by energy stocks, which then reversed direction along with crude prices. Harman International shares rose 23.8 per cent, making it the biggest S&P gainer after it beat profit expectations.
Dow component McDonald's added five per cent after announcing its CEO will retire. Meanwhile, shares in Chinese internet giant Alibaba fell 8.8 per cent after revenue missed expectations.
The Dow Jones industrial average rose 225.48 points, or 1.31 per cent, to 17,416.85, the S&P 500 gained 19.09 points, or 0.95 per cent, to 2,021.25 and the Nasdaq added 45.41 points, or 0.98 percent, to 4,683.41.
Coach closed up 6.8 per cent and Boeing finished 5.8 per cent higher.