Energy stocks regain lost ground as oil price bounces
NEW YORK — Stocks returned to record levels on Wednesday as a rebound in oil prices boosted energy stocks. The stock market also gained after the completion of midterm elections in which Republicans took control of the Senate.
The direction of the stock market this week has been dictated by swings in the price of oil. Energy stocks plunged Monday and Tuesday on reports that Saudi Arabia would cut prices for U.S.-bound crude. Wednesday, oil rebounded on a smaller-than-expected increase in U.S. supplies.
The stock market has returned to record levels after a sharp slump last month. The rebound has been fueled by a combination of rising corporate earnings and evidence that the economy is maintaining its gradual recovery.
“I do believe the general trend right now in the U.S. stock market is going to be upward,” said Kevin Mahn, President and Chief Investment Officer at Hennion & Walsh Asset Management.
The S&P 500 rose 11.47 points, or 0.6 percent, to 2,023.57. That surpassed the previous record of 2,018.05 set on Friday. The Dow Jones industrial average gained 100.69 points, or 0.6 percent, to 17,484.53. The index also is at an all-time high. The Nasdaq composite fell two points, or less than 0.1 percent, to 4,620.72.