US STOCKS-Dow, S&P 500 rally with energy; Alphabet drops

miércoles 3 de febrero de 2016 18:44 GYT
 

* Energy shares jump as crude oil rallies 8 percent

* S&P financial index flat after hitting more than two-year low

* Dow up 1.1 percent, S&P up 0.5 percent, Nasdaq down 0.3 percent (Updates close with Viacom up after the bell, details on Alphabet's drop)

By Caroline Valetkevitch

Feb 3 (Reuters) - U.S. stocks staged a late-day rally on Wednesday as an 8-percent jump in oil prices lifted beaten-down energy shares and financials rebounded.

The Nasdaq stayed weaker but ended well off the day's lows.

Oil prices snapped a two-day rout as investors took advantage of a weaker U.S. dollar. Comments by Russia's foreign minister reignited hopes of a deal among oil producers to trim output. The energy index jumped 4 percent.

"What (markets) are keying off of is the move in commodities and in the dollar," said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina. "That is driving the rotation in the equity market out of momentum names into commodity-based names."

Alphabet shares tumbled 4 percent to $749.38 and the company moved back below Apple in market capitalization. Apple, the world's most valuable company, rose 2 percent at $96.35.   Continuación...