US STOCKS-Energy rally boosts Wall St despite global growth woes

martes 16 de diciembre de 2014 14:10 GYT

* Buyback, dividend hike, guidance lift Boeing, 3M, CVS

* Indexes up: Dow 0.7 pct, S&P 0.6 pct, Nasdaq 0.3 pct (Updates prices)

By Rodrigo Campos

NEW YORK, Dec 16 (Reuters) - U.S. stocks rose in a volatile Tuesday session as energy shares rallied and investors bet the Federal Reserve will be cautious in removing support in the face of a more fragile global economy.

Futures had crumbled in early trading as the ruble neared 80 per U.S. dollar, down 21 percent. The Russian currency sharply pared its losses and was down about 3 percent, near 68 per dollar.

Brent crude fell as much as 4.2 percent but was last down 1.2 percent at $60.36 a barrel. U.S. crude, which fell as much as 4.1 percent, was recently up 0.2 percent at $56.04 a barrel after gaining as much as 2.2 percent.

Energy shares, up 2.9 percent, were the largest gainers on the S&P 500.

"There were many, many stocks, especially in the energy sector that were just trading at absolutely ridiculous prices to their fair market valuation," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

"That is really what started the rally, when investors really started to come into the energy stocks."   Continuación...