Business

Wall Street rises as oil price edges higher

NYSE traders Image copyright Getty Images

(Close): Wall Street closed sharply higher on Tuesday as oil prices recovered from Monday's falls and big technology stocks made strong gains.

The Dow Jones index was up 190.07 points, or 1.1%, at 17,718.34. The wider S&P 500 was also 1.1% higher, while the tech-heavy Nasdaq rose 1.3%.

Both Brent and US light crude were up $1.18, or 3.2%, a barrel.

Following the recovery in the oil price, energy stocks rose, with Chevron up 1% and Exxon Mobil 0.5% higher.

The price of Brent oil is currently $37.80, while US light crude is trading at $37.88.

In the run-up to Christmas, Brent sank to $36.04, its lowest level since July 2004.

Tech gains

Away from the energy sector, Amazon was up 2.8% after the online retailer said three million people had joined its Prime service in the run-up to Christmas.

Apple gained 1.8%, raising hopes that a sell-off during December had come to an end.

IBM and Intel also gained ground, both rising about 1.5%.

Only one stock on the Dow lost ground - entertainment giant Disney was down 0.2%, giving up some of the sharp gains made on Monday.