Energy shares rally to lead US stocks into the black

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Energy shares posted strong gains for the second day in a row on Wednesday, leading US equities markets into positive territory.

The S&P 500 energy index tacked on 1.2 per cent on Wednesday, following a gain of 1.3 per cent in the previous session.

The two days of gains snapped snapped an eight-session losing streak. A rise in the price of oil on Wednesday helped to bolster the appeal of companies in the industry.

West Texas Intermediate, the US standard, climbed 2.2 per cent to $49.44 a barrel. Meanwhile, Brent rose 2 per cent to $52.35 a barrel.

In fixed income, investors bid up Treasuries, sending yields lower, despite hawkish commentary from two senior US policymakers. The 10-year yield fell 2.9 basis points to 2.38 per cent in late-day action.

The US dollar climbed 0.2 per cent against a basket of six world currencies.

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