Oil shares, Apple boost US stocks | Fin24
 
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Oil shares, Apple boost US stocks

Oct 11 2016 08:07

New York - Wall Street stocks posted solid gains on Monday, lifted by strength in petroleum companies due to higher oil prices and a jump in Apple shares.

Dow member ExxonMobil rose 2% and Halliburton 2.2% after US oil prices finished at their highest level of 2016 after Russian President Vladimir Putin expressed support for Opec's push to limit oil output.

Apple rose 1.8% as Samsung Electronics said it was adjusting production of the Galaxy Note 7 smartphone due to reports that replacement units for devices with exploding lithium-ion batteries are also catching fire.

The Dow Jones Industrial Average climbed 0.5% to 18 329.04.

The broad-based S&P 500 gained 0.5% to 2 163.66, while the tech-rich Nasdaq Composite Index advanced 0.7% to 5 328.67.

Mylan soared 8.2% after it announced late on Friday that it reached a settlement with some regulators to pay $465m to resolve accusations that it overbilled the federal Medicaid program for the EpiPen allergy medication

Twitter dived 11.5% following reports that several prospective acquirers of the company are no longer interested in bidding.

One of the most often-mentioned names, Salesforce.com, jumped 5.9%; its shares had been beaten down after news surfaced that it was interested in Twitter.

American Airlines, United Continental and Delta Air Lines all rose more than 2%.

Other companies with larger gains included Dow member Boeing, up 1.5%, Google parent Alphabet, up 1.4%, and Tesla Motors, up 2.2%.

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