US STOCKS-Wall St jumps as oil surges on report of output freeze

martes 12 de abril de 2016 12:59 GYT

* Crude jumps more than 3 pct

* Alcoa drops after revenue misses estimates

* Indexes up: Dow 0.72 pct, S&P 0.64 pct, Nasdaq 0.37 pct (Updates to early afternoon)

By Abhiram Nandakumar

April 12 (Reuters) - A surge in crude oil drove strong gains on Wall Street on Tuesday after a report that Russia and Saudi Arabia had agreed to freeze output ahead of a producers meeting on Sunday.

Oil prices rose more than 3 percent to their highest in five months after Russia's Interfax news agency also reported that the final decision to freeze production will not depend on Iran.

The S&P energy sector rose 2.43 percent, leading all 10 major sectors higher. Chevron was up 2.3 percent and gave the biggest boost to the Dow.

"We have oil cooperating with the bulls today," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

Bakhos added the U.S. earnings season would set the tone for the stock market going forward for the next quarter of trading.   Continuación...