Oil price climb helps Wall St - New York Report

US STOCKS jumped more than one per cent yesterday, led by energy shares as oil prices extended their recent rally, while higher-than-expected January car sales also bolstered the advance.

Merger activity also helped, with shares of Office Depot jumping 21.6 per cent to $9.28 after reports the retailer was in advanced talks to merge with Staples. Staples shares gained 10.9 per cent to $19.01.

The S&P 500 has gained 2.8 per cent over two sessions as the bounceback in oil prices and hopes of a Greek debt deal eased some global economic concerns.

US crude oil prices rose seven per cent to settle at $53.05 . Brent and US oil prices have risen roughly 19 per cent in a week.

The Dow Jones industrial average rose 305.36 points, or 1.76 per cent, to 17,666.4, the S&P 500 gained 29.18 points, or 1.44 per cent, to 2,050.03 and the Nasdaq added 51.05 points, or 1.09 per cent, to 4,727.74.

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