US STOCKS-S&P 500 ticks above 2,000 as energy offsets tech slide

lunes 7 de marzo de 2016 17:52 GYT

* Valeant jumps as investors hope for positive news

* Crude oil surges more than 5 pct, energy stocks follow

* Dow up 0.4 pct, S&P up 0.1 pct, Nasdaq down 0.2 pct (Updates to close)

By Rodrigo Campos

March 7 (Reuters) - The Dow Jones industrial average and the S&P 500 index closed higher on Monday as a spike in energy shares offset sharp declines in large-cap technology names, which dragged down the Nasdaq.

Crude prices, which have largely dictated the direction of the stock market this year, were up more than 5 percent. The S&P 500 energy sector, up 2.4 percent, rose for the fifth consecutive session, a streak not seen since October. It is up more than 23 percent from its 2016 low in mid-January.

"The market worked itself to fair value and has taken the scare out. People were far too pessimistic," said John Manley, chief equity strategist at Wells Fargo Funds Management in New York.

He said the oil market is finding a footing and that is allowing stocks in the sector to bounce. However, it may be harder for the recent stock market bounce to extend much further now that earnings season is winding down.

The Dow Jones industrial average closed up 67.18 points, or 0.4 percent, to 17,073.95, the S&P 500 gained 1.77 points, or 0.09 percent, to 2,001.76 and the Nasdaq Composite dropped 8.77 points, or 0.19 percent, to 4,708.25.   Continuación...