Energy stocks pushed Wall Street higher yesterday due to an almost six per cent jump in oil prices. However, many investors stayed on the sidelines ahead of today’s Federal Reserve decision on interest rates.
The Dow Jones industrial average closed up 140.1 points, or 0.84 per cent, to 16,739.95, the S&P 500 gained 17.22 points, or 0.87 per cent, to 1,995.31 and the Nasdaq Composite added 28.72 points, or 0.59 per cent, to 4,889.24.
The energy index led a broad rally for the S&P 500 benchmark index with a 2.8 per cent increase as crude oil prices settled up 5.7 per cent after an unexpected drawdown in US stockpiles.
The materials sector was the next best gainer behind energy with an 1.44 per cent rise after Glencore raised $2.5bn (£1.6bn) through a share placement, boosting mining stocks and metals prices.
The S&P’s telecommunications index, the only sector out of 10 in negative territory, fell 0.22 per cent.