A rally in energy company shares pushed US stock indexes to a higher close.
At the closing bell, the Dow Jones Industrial Average climbed 89 points, or 0.5 per cent, to 17,918, putting its increase for the year at 0.6 per cent. The index on Monday closed positive for the year for the first time since July, but it is still more than 400 points from its all-time high set in May.
The S&P 500 edged up 0.3 per cent, while the Nasdaq Composite rose 0.4 per cent.
Oil prices jumped on concerns about output from Libya and Brazil, with US crude futures up 3.8 per cent at $US47.90. Energy shares followed suit, rising 2.5 per cent.
"The fundamentals are pretty negative for these companies," Ted Weisberg, a trader at Seaport Securities, said. The stocks continue to act reasonably well. It tells us that ..the worst perhaps is priced in."
Later in the week, the US jobs report for October will be released as investors continue to speculate about the next Federal Reserve move on raise short-term interest rates.
Robust jobs growth would likely be a short-term negative for stock markets as it would increase the likelihood of a rate rise in December, according to Ralf Zimmermann, equity strategist at German private bank Bankhaus Lampe.
LNG Price at posting:
$1.52 Sentiment: Buy Disclosure: Held
