Street gained for a fourth straight session yesterday, its longest winning streak since January, buoyed by the energy sector as oil prices rebounded from early declines.
Oil prices were initially lower on concerns a deal between Iran and six global powers would result in more supply, but turned higher after it became apparent sanctions on Tehran’s crude exports would not be removed immediately.
The Dow Jones industrial average rose 75.9 points, or 0.42 per cent, to 18,053.58, the S&P 500 gained 9.35 points, or 0.45 per cent, to 2,108.95 and the Nasdaq Composite added 33.38 points, or 0.66 per cent, to 5,104.89.
Investors have shifted focus to corporate profits as the pace of quarterly results begins to pick up speed, diverting attention from the debt crisis in Greece and the massive selloff in Chinese stocks.
JPMorgan and Wells Fargo results helped lift financials.