World Economy

Global Equities Edge Higher

Global Equities Edge HigherGlobal Equities Edge Higher

US Treasuries rose with stocks while the US dollar fell after an unexpected drop in US retail sales damped optimism in the world’s largest economy, leaving room for the federal reserve to keep rates on hold.

Wall Street gained for a fourth straight session its longest winning streak since January, buoyed by the energy sector as oil prices rebounded from early declines, NewsNow reported.

Oil prices were initially lower on concerns a deal between Iran and six global powers would result in more supply, but turned higher after it became apparent sanctions on Tehran’s crude exports would not be removed immediately.

“The big news is clearly in the oil markets and the fact there was an agreement reached,” said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas in New York. “There is still, frankly, a lot of uncertainty about exactly what it will do in terms of oil supply.”

The S&P energy sector advanced 0.8%, led by a 0.8% gain in Exxon Mobil Corp to $83.11. Brent settled up 1.1% to $58.51 and US crude settled up 84 cents to $53.04 a barrel.

Gains were broad, with nine of the 10 major S&P 500 sectors ending higher, led by a 1% gain in the healthcare index. The Nasdaq biotech index jumped more than 2% to hit a record high for the second time in three weeks.

The Dow Jones industrial average rose 75.9 points, or 0.42%, to 18,053.58, the S&P 500 gained 9.35 points, or 0.45%, to 2108.95 and the Nasdaq Composite added 33.38 points, or 0.66% to 5104.89.

Investors have shifted focus to corporate profits as the pace of quarterly results begins to pick up speed, diverting attention from the debt crisis in Greece and the massive selloff in Chinese stocks.