Airlines, oil shares lead as US stocks resume upward climb

Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, January 8, 2018. — Reuters pic
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, January 8, 2018. — Reuters pic

NEW YORK, Jan 11 — Shares of airlines and energy companies were among the early winners today as US stocks resumed their upward climb after the pullback in the prior session.

About 30 minutes into trading, all three major indexes had gained 0.3 per cent, with the Dow Jones Industrial Average up to 25,456.23.

The broad-based S&P 500 rose to 2,757.22, while tech-rich Nasdaq Composite Index was up to 6,173.10.

After posting six straight records in the opening days of 2018, the S&P 500 and Nasdaq suffered their first declines of the year yesterday amid worries over the future of the North American Free Trade Agreement.

But markets were back in buying mode early today, as investors greeted an opportunity to add positions.

Petroleum-linked equities, including Dow members ExxonMobil and Chevron, rose as oil prices rallied on speculation President Donald Trump could reinstate sanctions on Iran.

Delta Air Lines won 1.6 per cent after reporting fourth-quarter earnings of 96 cents per share, eight cents above analyst expectations. American Airlines and United Continental also pushed higher.

Walmart dipped 0.3 per cent after it announced it would raise the minimum wage for more than a million US workers to US$11 an hour and pay bonuses, among other expanded benefits, crediting the US tax reform approved in December for making the changes possible.

US wholesale inflation slipped in December, the first decline in 16 months, mostly due to falling services prices, according to government data. — AFP

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