US STOCKS-Oil rally lifts Wall St, extending tight correlation

miércoles 9 de marzo de 2016 17:36 GYT
 

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* Indexes up: Dow 0.21 pct, S&P 0.51 pct, Nasdaq 0.55 pct (Updates to close)

By Rodrigo Campos

March 9 (Reuters) - U.S. stocks rose in low volume on Wednesday, led once more by the direction of the price of oil and energy sector shares.

Crude oil and U.S. equity prices have been linked for much of 2016 to a degree that has surprised many investors. Wednesday's market action extended that trend, with WTI crude rising nearly 5 percent and the S&P 500 energy sector up 1.5 percent. Chevron jumped 4.6 percent to $92.82 and gave the biggest boost to the energy sector.

"It's not about oil being a barometer of the global economy," said Art Hogan, chief market strategist at Wunderlich Securities in New York. "A lot of it has to do with psychology."

U.S. crude and the S&P 500 have been directionally correlated on all but six trading days this year, according to Wunderlich data.   Continuación...