US STOCKS-Another up day for oil helps Wall St extend its rally

miércoles 9 de marzo de 2016 16:10 GYT
 

* Brent crude up above $40 per barrel

* Chipotle down as employees fall ill

* Biotechs fall on test program to lower Medicare drug costs

* Indexes up: Dow 0.16 pct, S&P 0.41 pct, Nasdaq 0.43 pct (Updates to afternoon)

By Noel Randewich

March 9 (Reuters) - Wall Street built on a nearly month-old rally on Wednesday as a strong recovery in oil prices sent energy shares sharply higher.

Volatility in oil and stock prices has been linked for much of 2016 to a degree that has surprised many investors. Wednesday's market action extended that trend, with Brent crude rising above $40 a barrel, continuing its recovery from decade lows that led to stock market turmoil in January.

"It's still this puzzling correlation between the price of oil and stocks. It really is not supposed to play out this way," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa.

"But given that oil drove the U.S. stock market down, it makes sense that stocks' rise would be tied to oil's comeback."   Continuación...