Oil lifts energy stocks as Nasdaq hits another record

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Oil prices surged back with a vengeance on Wednesday, with the energy sector lifting the S&P 500 into positive territory while the Nasdaq notched the latest in its run of record closes.

The S&P 500 gained 0.11 per cent by Wednesday’s close to 2,399.6, led by a more than 1 per cent gain for the energy sector, which was lifted by rebounding oil prices. After a shaky run, Brent crude, the international benchmark, gained 3.1 per cent to $50.25 a barrel, while West Texas Intermediate, the US standard, picked up 3.2 per cent to $47.38 a barrel.

The Nasdaq, meanwhile, closed at a record high yet again, gaining 0.14 per cent to end trading at 6,129.14.

The Dow Jones Industrial Average was the only major US equity index to lag, dragged down by losses for heavy-hitters like Walt Disney and Boeing.

The dollar index, which measures the buck against a basket of peers, was flat at 99.62.

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