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US stocks close at new highs; energy firms rise

US stocks continued in the fashion they started the new year - reaching new highs
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Wall Street shares closed at new highs on Thursday
  • US benchmarks close at new records

  • Chevron surges on BMO upgrade

  • US crude higher

 

US stocks closed firmly higher and at new records, driven by gains in energy and materials firms.

Earlier in London, FTSE 100 closed at a new record high - its third in a row.

The Dow Jones closed up 205 points at 25,574. The S&P 500 added 19 to 2,767.

The Nasdaq added over 58 points to close at 7,211.

In Toronto, the TSX closed nearly 39 points higher at 16,286.

Energy stocks did well. Anadarko Petroleum (NYSE:APC) gained 5.58% to US$58.66, while Chevron Corp (NYSE:CVX)  added over 3% to US$132.57.

MID-SESSION

US stocks were powering higher at mid-session, with the Dow Jones up over 149 points at 25,518.

The broader S&P 500 index was up 14.89 at 2,763, while the  tech heavy Nasdaq was up 47 points at 7,200.

In Toronto, the TSX added over 51 points at 16,299.

US crude - West Texas Intermediate - was strongly higher, up 1.45% to stand at US$64.49 a barrel.

In big oil Chevron Corp (NYSE:CVX) added 3.26% to US$132.85 - a 52 week high - after  broker BMO Capital upgraded the share to 'outperform' from 'market perform' with a $140 price target, up from $120.

Among the notable risers, New Age Beverages Corp (NADSAQ:NBEV) shares added over 13% to US$2.91 as the firm revealed that it had started a shipment of its XingTea portfolio of ready-to-drink teas to CVS Health.

Elsewhere, MEI Pharma Inc (NASDAQ:MEIP) shares gained over 4% to US$2.33 as the company and Helsinn Group said that pracinostat had received the key Orphan Drug status from the European Medicines Agency for the treatment of acute myeloid leukemia.

OPEN

Wall Street shares were higher at the open, with the Dow Jones  up over 82 points at 25,451 as the latest US jobless figures surprised.

The S&P 500 added 8.79 to 2,757, while the Nasdaq gained over 19 points at 7,172.

 In Toronto, the TSX added almost 31 points to 16,278.

In the oil markets, US crude added 0.93% to US$64.16 a barrel.

Crypto currency Bitcoin also took another tumble on the day on reports of a ban on trading in South Korea.

US jobless claims rose by 11,000 to a seasonally adjusted 261,000 last week, the highest level since last September, the Labor Department revealed.

Economists had expected claims to fall to 245,000 from 250,000 the previous week.

Claims have now risen for four straight weeks but does not necessarily suggest a material shift in labour market conditions since the data tends to be volatile during this time of year.

In companies, Delta Air Lines (NYSE:DLA) shares added 1.25% to US$56.55 as it reported fourth quarter results that beat expectations and raising its outlook for 2018.

Meanwhile, Eastman Kodak Co (NYSE:KODK) shares pulled back 12.62% following a 200% surge so far this week after announcing that it is launching a cryptocurrency.

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