US stocks climb as energy shares jump

| Updated: October 24, 2017 13:43:08

US stocks climb as energy shares jump

US stocks climbed on Wednesday, boosted by energy shares and helped by news of an agreement to extend the debt limit, as stocks bounced back from a day-earlier selloff.


The energy sector rose 1.6 per cent, for its biggest single-day gain in two months, as oil prices rose.


US stocks built on moderate gains after news that President Donald Trump said he agreed to pass an extension of the US debt limit until Dec. 15, according to Reuters.


Data showed US services sector activity accelerated in August amid strong gains in new orders and employment.


A Federal Reserve survey showed the US economy expanded at a modest to moderate pace in July through mid-August.


The S&P 500 on Tuesday had suffered its biggest single-day decline in nearly three weeks amid fresh tensions involving North Korea and a second powerful hurricane bearing down on the US south.


The Dow Jones Industrial Average rose 54.33 points, or 0.25 per cent, to 21,807.64, the S&P 500 gained 7.69 points, or 0.31 per cent, to 2,465.54 and the Nasdaq Composite added 17.74 points, or 0.28 per cent, to 6,393.31.


Despite Tuesday’s fall, the benchmark S&P 500 ended on Wednesday within 15 points of its record closing high.

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