US STOCKS-Oil fuels 'schizophrenic' rebound on Wall Street

martes 26 de enero de 2016 17:32 GYT
 

* Oil surges on hopes for output cuts

* 3M, P&G, J&J up on better-than-expected profit

* Apple reports after the close

* Indexes end up: Dow 1.78 pct, S&P 1.41 pct, Nasdaq 1.09 pct (Updates to close)

By Noel Randewich

Jan 26 (Reuters) - Wall Street rebounded over 1 percent on Tuesday, driven by a surge in oil prices and strong quarterly results from 3M, Johnson & Johnson and Procter & Gamble.

All 10 major S&P sectors ended higher, led by a 3.78-percent rise in the energy sector. Crude prices settled up 3.7 percent on hopes that OPEC and non-OPEC producers would tackle an unrelenting supply glut.

With oil at 12-year lows and threatening to put higher-cost producers out of business, investors have been reeling from a turbulent start to the year that has left the S&P down 7 percent from the end of 2015.

"This is a schizophrenic market. Big up days, big down days. No real direction," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York. "We need some stability in oil prices for the markets to calm down from here and become less volatile."   Continuación...