Wall Street closed higher again in a demand driven environment supported on further gains in the energy sector along with positive quarterly earning results from the financial sector again in Morgan Stanley.
The S&P energy sector climbed 1.4%, by far the biggest gainer on the day, supporting the S&P 500 index SPX, +0.22% rise 4.69 points, or 0.2%, to close at 2,144.29. The Dow Jones Industrial Average DJIA, +0.22% also rose by 40.68 points, or 0.2%, to end at 18,202.62 and the Nasdaq Composite Index, climbed 2.58 points to close at 5,246.41.
WTI made a high through the $52 as Khalid Al-Falih, Saudi Arabia's oil minister, suggested that improving fundamentals would assist a recovery in the black gold. That coupled with the EIA that showed crude supplies fell by 5.2 million barrels in the week ending 14th of October supported the continued advance in oil. The Federal Reserve's Beige Book offered a modestly bullish picture for the U.S. economy supporting a risk on environment.