US stocks post slight gains, led by oil and gas companies
NEW YORK (AP) — Stocks rose on the seventh anniversary of the bull market on Wednesday as crude oil resumed its climb from a 13-year low.
The stock market has been climbing for three weeks as reports on hiring, retail spending and manufacturing suggest the U.S. economy is strengthening and that fears that a slowdown in China would tip the U.S. into recession are overblown.
Stocks have been pushed up by higher corporate earnings, though not in the past year, and by the Federal Reserve's unprecedented efforts to encourage investors to take more risk by lowering interest rates on bonds and other safer assets.
Chief Investment Officer Krishna Memani of Oppenheimer Funds said he's optimistic the bull market will extend its run because modest economic growth means little inflation, and no need for the Federal Reserve to move too quickly to reverse its stimulus policies.
Possible moves include another cut in the deposit rate for funds from commercial banks to even further below zero.
Among U.S. stocks making big moves Wednesday, Air Transport Services jumped $1.96, or 17 percent, to $13.73 after turning in solid results and saying it will operate an air transport network for Amazon.
In energy trading, a barrel of benchmark U.S. crude rose $1.79, or 5 percent, to $38.29.
Wholesale gasoline rose 8.3 cents to $1.471 a gallon, heating oil rose 3.3 cents to $1.233 a gallon and natural gas rose four cents to $1.752 per 1,000 cubic feet.