Dow extends winning streak for 7th day

Traders work on the floor of the New York Stock Exchange shortly after the opening bell on Nov 15, 2016.
Traders work on the floor of the New York Stock Exchange shortly after the opening bell on Nov 15, 2016.PHOTO: REUTERS

NEW YORK (AFP) - US stocks moved higher again on Tuesday (Nov 15) as the Dow Jones Industrial Average gained for the seventh day - including four straight record closes - and energy and tech stocks followed oil higher.

The Dow finished up 0.3 per cent at 18,923.06 and the broader S&P 500 gained 0.75 per cent to settle at 2,180.39. The tech-rich Nasdaq rose 1.1 per cent to 5,275.62.

Investors in part were buoyed by favorable economic data after the Commerce Department reported retail sales posted a healthy 0.8 per cent increase in October.

Energy stocks were among the day's major gainers, following a sharp upswing in oil prices. Light, sweet benchmark crude for December delivery jumped US$2.49 in New York to settle at US$45.81 a barrel.

Chevron gained 2.2 per cent, ConocoPhillips rose 2.6 per cent and Exxon Mobil finished 1.8 per cent higher.

Tech stocks rebounded after foundering last week, with the so-called FANG group (Facebook, Amazon, Netflix and Google parent Alphabet) all moving higher. Amazon jumped 3.4 per cent.

Home Depot sank 2.5 per cent despite posting better-than-expected third-quarter earnings on Tuesday, with the company telling investors it forecasts only 3 per cent sales growth over the coming holiday period.