Business

Wall Street closes higher as oil prices finally rebound

Trader in front of screens (file photo) Image copyright EPA

(Close): Wall Street ended Monday higher as oil prices finally appeared to be rebounding from their slump.

The Dow Jones closed up 103 points, or 0.6%, at 17,368.

The wider S&P 500 index gained 9 points, or 0.5%, to 2,021, while the tech-focused Nasdaq index rose 8 points, or 0.4%, to 4,952.

Shares in Chevron rose 3% recovering from a drop earlier in the day, while Exxon Mobile also recovered to close up 2%.

"It looks like the US equities market was taking its cues from oil today," said Jack Ablin, chief investment officer at BMO Private Bank. "We had oil dip below $35 a barrel and then ending up the day higher."

Brent crude closed at $37.75 after falling below $36.40 a barrel in morning trading, while US crude added 1.7% to close at $36.23.

The price of natural gas fell as the US experiences unusually warm winter weather.

Shares in Newell Rubbermaid fell 8% after the company - which makes Sharpie markers and Parker pens - agreed to buy consumer goods group Jarden for $15bn. Shares in Jarden rose nearly 2%.