US Stocks Gain on Energy


Stocks rose on Tuesday as oil prices topped $97 a barrel and lifted shares of Exxon Mobil and other energy producers, while optimism a day ahead of Cisco Systems earnings drove another rally in technology shares.

The Dow Jones industrial average was up 117.54 points, or 0.87 percent, at 13,660.94. The Standard & Poor's 500 Index was up 18.10 points, or 1.20 percent, at 1,520.27. The Nasdaq Composite Index was up 30.00 points, or 1.07 percent, at 2,825.18.

Investors hunted for bargains among beaten-down bank and financial services shares after the previous session's sell-off left the sector near two-year lows. JPMorgan Chase & Co rose 3.1 percent to $44.11 and ranked among the Dow's leading gainers. Insurer American International Group was up 4.2 percent at $62.05 ahead of earnings on Wednesday and gave the Dow its second-biggest boost.

Web search company Google Inc, whose price target was raised to $850 by broker research firm Sanford C. Bernstein, advanced to $741.79, another lifetime high.

 


TradingEconomics.com, Reuters
11/6/2007 2:15:12 PM