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Roundup: U.S. stocks extend gains on surging oil

Xinhua, November 4, 2015 Adjust font size:

U.S. stocks kept rising Tuesday, as investors were encouraged by a strong rebound in oil prices.

The Dow Jones Industrial Average added 89.39 points, or 0.50 percent, to 17,918.15. The S&P 500 gained 5.74 points, or 0.27 percent, to 2,109.79. The Nasdaq Composite Index increased 17.98 points, or 0.35 percent, to 5,145.13.

Oil prices surged Tuesday as market expected U.S. refiners to consume more crude after the maintenance season, with both the U.S. oil and Brent crude spiking over 3 percent.

Lifted by the soaring oil prices, the energy sector jumped 2.53 percent as the biggest advancer in the S&P 500's 10 sectors.

On the economic front, U.S. new orders for manufactured goods in September decreased 4.7 billion U.S. dollars, or 1.0 percent, to 466.3 billion dollars, the Commerce Department reported Tuesday. This followed a 2.1 percent August decline.

Traders will mainly look to non-farm payrolls this week for hints on the timing of an interest rate hike from the U.S. Federal Reserve.

Wall Street will also keep a close eye on comments from Federal Open Market Committee members on Wednesday, including Fed Chair Janet Yellen, Vice Chair Stanley Fischer and New York Fed President William Duley.

In corporate news, shares of UBS fell 5.83 percent to 19.22 dollars apiece Tuesday, after Switzerland's biggest bank posted lower-than-expected quarterly profit.

UBS announced a third-quarter net profit of 2.1 billion Swiss francs (about 2.13 billion U.S. dollars).

Latest data from Thomson Reuters showed that S&P 500 companies' blended earnings in the third quarter of 2015 are expected to decline 1.5 percent year on year, while revenue growth is forecast to decrease 4.2 percent.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, increased 2.76 percent to end at 14.54 on Tuesday.

In other markets, the U.S. dollar traded mixed against other major currencies as investors were digesting the country's newly-released economic data.

In late New York trading, the euro fell to 1.0963 dollars from 1.1021 dollars in the previous session, while the dollar bought 121.06 Japanese yen, higher than 120.75 yen of the previous session.

Gold futures on the COMEX division of the New York Mercantile Exchange fell as a stronger U.S. dollar and Fed rate hike speculation put pressure on the precious metal.

The most active gold contract for December delivery fell 21.8 dollars, or 1.92 percent, to settle at 1,114.10 dollars per ounce. Endit