Oil prices send US shares higher
- 7 October 2015
- From the section Business
(Open): Shares on Wall Street opened sharply higher on the back of stronger oil prices.
The Dow Jones Industrial Average jumped 82.71 points, or 0.49%, to 16,872.9.
The price of oil, measured by the Brent crude benchmark, was up at $52.73, a rise of just over 0.8%.
The oil company Chevron Group was the biggest gainer on the Dow in early trading, rising 1.7%.
The construction equipment maker Caterpillar continued its recent recovery, rising 1.9% to above $72. However, the company's share price has fallen from about $115 since the beginning of the year, as it has retrenched and cut its workforce.
The biggest loser on the wider S&P500 was Yum Brands, the owner of KFC and Taco Bell. Its shares fell 18% after it lowered its full-year earnings forecasts, saying it had been hit by slow growth in China and the strength of the dollar.