US stocks edge higher, regrouping after a down week | COVID-19

0
18

A late-afternoon burst of buying helped stock indexes close mostly higher on Wall Street Monday, snapping a five-day losing streak for the S&P 500.

The benchmark index shook off an afternoon slump to finish 0.2% higher. Banks, energy companies and communication stocks accounted for much of the index’s broad gains. Health care and utilities stocks fell. The S&P 500 was coming off its biggest weekly drop since June.

The price of U.S. crude oil rose 1% and crossed back above $70. It hasn’t closed above that level since early August. Natural gas prices jumped 5.9% and are at their highest levels since the middle of 2014. The solid gains helped lift energy stocks, including a 2.6% rise for Exxon Mobil and a 7.2% jump for Marathon Oil.

Stocks have traded in a narrow range for several weeks as most investors are sitting on the…

Read more…