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Energy firms lift US markets | Energy firms lift US markets |
(about 7 hours later) | |
(Close): A recovery in oil prices lifted energy stocks in late trade, pushing US markets higher. | |
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 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. |
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. |