NEW YORK - Wall Street ended a volatile session mixed Wednesday as investors welcomed new government data showing a reinvigorated industrial sector but wrestled with a jump in oil prices that briefly sent crude futures above $67 per barrel.
Crude oil futures surged higher after the Energy Department reported a larger-than-expected drawdown in the nation's crude oil reserves, although the report also showed a surprise surplus in gasoline inventories. A barrel of light crude was quoted at $66.35, up $1.28, on the New York Mercantile Exchange after reaching $67.40.
The inventory report cost the market early gains that were spurred by the Commerce Department's bullish report on durable goods, big-ticket manufactured items made to last at least three years. Durable goods orders shot up 3.3 percent in August after falling 5.3 percent in July. Economists had expected only minimal gains.
For analysts, the late session rally showed the market's overall strength in the face of continuing uncertainty over energy prices, a slowdown in consumer spending and ever-higher interest rates.
The Dow Jones industrial average rose 16.88, or 0.16 percent, to 10,473.09.
Broader stock indicators were narrowly mixed. The Standard & Poor's 500 index added 1.23, or 0.1 percent, to 1,216.89. The Nasdaq composite index lost 1.02, or 0.05 percent, to 2,115.40.
Bonds rallied, with the yield on the 10-year Treasury note falling to 4.26 percent from 4.29 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices ticked higher.
© 2017. All Rights Reserved. | Contact Us