Investing.com – Rising oil prices boosted energy stocks, and hopes yet again that a phase one trade deal will finally be struck between the United States and China lifted the rest of the stock market on Wednesday.
The rose 0.63%, with the up 0.53%. The and the indices were up 0.54% and 0.51%, respectively.
The rally trimmed the losses the market had sustained in the last three sessions. But the major averages remained roughly 1.5% below their record highs reached just last week.
Energy shares were the strongest sector of the market. was the catalyst on reports OPEC and its allies may agree to deeper production cuts to boost global prices. In addition, the Energy Information Administration’s weekly report on showed a steeper decline than expected.
rose 4.2% to $58.43. crude, the global benchmark, had its biggest percentage gain since September, rising 3.6% to $63.
Devon Energy (NYSE:), Schlumberger (NYSE:) and ConocoPhillips (NYSE:) were among the energy sector leaders.
At the same time, higher oil prices pushed airline stocks lower. Fuel costs are among the carriers’ biggest expenses.
Meanwhile, financial, industrial and health care stocks also helped the market. Goldman Sachs (NYSE:) was a leader of the Dow, along with 3M (NYSE:) and health insurance giant UnitedHealth Group (NYSE:).
Boeing (NYSE:) was off about 0.9% after United Airlines Holdings (NASDAQ:) chose to buy 50 Airbus 321 jets to replace its aging fleet of Boeing 757s. United shares were off 0.8%, however.
Travel company Expedia (NASDAQ:) shares jumped 6.2% after the company’s chief executive and chief financial officer resigned after clashing with Chairman Barry Diller and the company’s board over the company’s strategy and vision.
Financial stocks were helped by rising interest rates. The Treasury yield rose to 1.772% from Tuesday’s 1.709%. fell back.
With 18 trading days