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Oil-linked shares gain, lifting US stocks

May 09 2018 16:19

New York - Petroleum-linked shares advanced strongly early on Wednesday, lifting US stocks, after President Donald Trump's decision to leave the Iran nuclear deal boosted oil prices.

Shares of ExxonMobil and Chevron were among the biggest gainers in the Dow and Halliburton jumped more than 2.0% after US oil prices moved back over $70 a barrel in expectation that revived Iran sanctions will curtail output.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.3% at 24 429.64.

The broad-based S&P 500 gained 0.4% to 2 681.59, while the tech-rich Nasdaq Composite Index climbed 0.3% to 7 288.40.

US data showed producer prices in April rose less than expected, a report that will be seen as lessening the pressure on the Federal Reserve to accelerate interest rate hikes.

Consumer pricing data will be released on Thursday.

In earnings news, Disney shed 1.1% after reporting a 23% jump in second-quarter profits to $2.9bn, boosted in part by the success of the "Black Panther" movie.

The entertainment giant faces the prospect of a possible bidding war over assets belonging to Twenty-First Century Fox following reports Comcast is readying a bid.

Walmart slumped 3.2% after announcing it was buying a 77% stake in Indian online sales giant Flipkart for $16bn.

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