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Wall Street Rallies for Third Session, Led By Energy Shares

Wall Street Rallies for Third Session, Led By Energy Shares

Wall Street : US stocks tallied their third straight session of gains on Wednesday, led by energy shares as oil prices jumped, while better-than-expected economic data helped allay growth fears.

Nine of the 10 major S&P sectors closed higher, with energy rising 2.9 per cent.

The S&P 500 posted its first three-day rally of 2016, and ended with its biggest three-day per centage rise since August. With Wednesday’s performance, the Dow industrials had erased nearly all its losses for February.

Still, the benchmark S&P remains down 5.7 per cent this year. The steep slide in oil, whose performance has been tightly tied to equities, along with fears of a China-led slowdown in global growth have rattled markets.

Oil prices rose 7 per cent on Wednesday after Iran voiced support for a Russia-Saudi-led move to freeze production. Data also showed US industrial production in January rose by the most in 14 months.

The Dow Jones industrial average rose 257.42 points, or 1.59 per cent, to 16,453.83, the S&P 500 gained 31.24 points, or 1.65 per cent, to 1,926.82 and the Nasdaq Composite added 98.11 points, or 2.21 per cent, to 4,534.07.

The US indexes built on their gains after minutes from the US Federal Reserve’s January policy meeting were released in the afternoon.

The US indexes built on their gains after minutes from the US Federal Reserve’s January policy meeting were released in the afternoon.

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