US stocks rally after Trump s Iran n-deal decision
New York May 10 (IANS) US stocks ended higher on Wednesday as Wall Street continued to digest US President Donald Trump s decision to withdraw from the Iran nuclear deal.
The Dow Jones Industrial Average was up 182.33 points or 0.75 per cent to 24 542.54. The S&P 500 was up 25.87 points or 0.97 per cent to 2 697.79. The Nasdaq Composite Index was up 73.00 points or 1.00 per cent to 7 339.91 Xinhua reported.
In a televised speech on Tuesday Trump announced the exit adding he will not sign the waiver of nuke-related sanctions against Iran.
Some analysts said Trump s decision could send oil prices higher which would impact companies earnings.
Oil prices surged Wednesday after Trump s decision with both US oil and Brent crude jumping above 3 per cent.
Lifted by the rising oil prices the energy sector jumped 2.03 percent as the biggest advancer among the S&P 500 s eleven sectors.
On the economic front the Producer Price Index for final demand rose 0.1 per cent in April seasonally adjusted missing market consensus of a 0.3-per cent gain the US Labor Department reported on Wednesday.
In corporate news shares of Walt Disney a Dow component fell 1.79 per cent to $99.97 apiece on Wednesday even after the company reported better-than-expected quarterly earnings.
--IANS
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