Sumary of US STOCKS-Wall Street gains on crude price surge, economic data:
- By Stephen Culp4 Min ReadNEW YORK (Reuters) – Wall Street stocks advanced on Wednesday as surging crude prices boosted energy shares and a swath of U.S. data suggested inflation has crested and an economic revival has become increasingly certain.
- Import prices posted their first monthly decline since October 2020, in the latest sign that the wave of price spikes has crested, further supporting the Federal Reserve’s position that current inflationary pressures are transitory.
- and the Nasdaq Composite added 93.96 points, or 0.62%, at 15,131.72.While all 11 major sectors in the S&P 500 were green, energy was by far the best performer, benefiting from a jump in crude prices driven by a drawdown in U.S. stocks.
- U.S.-listed Chinese stocks extended recent losses, as weak retail sales data pointed to a possible economic slowdown in the mainland, while Beijing’s regulatory overhaul of Macau’s casino industry further dampened appetite for Chinese stocks.
- U.S.-based casino operators Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International were off between 3% and 8%.