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Energy firms lift US markets Energy firms lift US markets
(about 7 hours later)
(Open): A recovery in oil prices lifted energy stocks, pushing US markets higher in early trade. (Close): A recovery in oil prices lifted energy stocks in late trade, pushing US markets higher.
After enjoying big rises on Friday, Brent crude was up 1.3% at $53.65 a barrel, having reached $55 earlier, while US oil rose 1.7% to $48.52. After enjoying big rises on Friday, Brent crude rose 3.6% to $54.88 a barrel, having reached $55 earlier, while US oil rose 4.2% to $49.69.
Data released on Friday suggested that US demand for leasing oil rigs was slowing, suggesting that producers might be preparing to cut output.Data released on Friday suggested that US demand for leasing oil rigs was slowing, suggesting that producers might be preparing to cut output.
Shares in Chevron rose 1.4%, while Exxon Mobil climbed 1%. Shares in Chevron rose 3.4%, while Exxon Mobil climbed 2.5%.
The rise in Exxon's shares came despite the oil giant reporting a 21% fall in quarterly earnings on lower oil and gas production. Fourth quarter profits fell to $6.57bn from $8.35bn a year earlier.The rise in Exxon's shares came despite the oil giant reporting a 21% fall in quarterly earnings on lower oil and gas production. Fourth quarter profits fell to $6.57bn from $8.35bn a year earlier.
In the first few minutes of trade the Dow Jones was up 31.98 points at 17,196.93, while the S&P 500 rose 6.65 points to 2,001.64. The Nasdaq was 9.50 points higher at 4,644.74. The Dow Jones closed 196 points higher at 17,361.04, while the S&P 500 rose 25.86 points to 2,020.85. The Nasdaq jumped 41.45 points to 4,676.69.
Figures from the Commerce Department showed that US consumer spending in December experienced its biggest fall since late 2009.Figures from the Commerce Department showed that US consumer spending in December experienced its biggest fall since late 2009.
Spending fell by 0.3%, the department said, following a 0.5% increase the month before.Spending fell by 0.3%, the department said, following a 0.5% increase the month before.
Consumer spending is considered a key indicator for the US economy as it accounts for about two-thirds of economic activity.Consumer spending is considered a key indicator for the US economy as it accounts for about two-thirds of economic activity.