Markets Right Now: Energy stocks lead United States indexes higher

Markets Right Now: Energy stocks lead United States indexes higher

"We're getting a bit exhausted hearing ourselves talking about the solid economic backdrop and strong earnings growth, but that is the backdrop", said Jon Adams, senior investment strategist for BMO Global Asset Management. "Everyone is talking about the synchronized economic growth" around the world, he said, "but it's something we haven't seen for 10 years".

At 11:08 a.m. ET (1608 GMT), the Dow Jones Industrial Average was up 194.76 points, or 0.76 percent, at 25,769.49 and the S&P 500 was up 13.89 points, or 0.50 percent, at 2,781.45. But stocks absorbed the gains without a hiccup, unlike earlier in the week when rate worries helped send the Standard & Poor's 500 lower for its lone blemish this year.

The Dow Jones industrial average climbed 205.60 points, or 0.8%, to 25,574.73.

Strategists at Goldman Sachs say the tax overhaul will contribute more than a third of the expected 14 percent growth they're forecasting for S&P 500 earnings per share.

Wall Street stocks finished at fresh records Thursday behind gains in industrial and petroleum-linked equities, resuming their upward climb after a one-day pullback.

The Russell 2000 index of smaller-company stocks gained 5.18, or 0.3 percent, to 1,591.97. Low rates also make bonds less attractive, which pushes investors into stocks.

Bank stocks also gained from a rise in Treasury yields after underlying USA consumer prices for December posted their biggest gain in 11 months, signaling a pickup in inflation.

Nvidia climbed 3.1% to $222 after the chip maker said it will work with Uber to develop the computing system for a fleet of autonomous cars.

On the losing end was Facebook, which fell after the social-media giant said it will show users fewer posts from brands and fewer videos in favor of more posts from friends and family.

Dave & Buster's Entertainment dived 22.3% to $43.79 after the restaurant and arcade chain said sales worsened in December and it cut its income and sales forecasts.

Companies are set to begin reporting their results for the last three months of 2017, and the pace will pick up later this week. Banks were benefiting from higher bond yields.

The dollar fell to 112.61 Japanese yen from 113.07 yen late Monday. On the Nasdaq, 1,808 issues rose and 1,069 fell.

Benchmark U.S. crude rose 29 cents to $61.73 a barrel. Brent crude, the global standard, gained 38 cents to $69.20 a barrel.

France's CAC 40 fell 0.3 percent, the FTSE 100 in London added 0.2 percent and Germany's DAX lost 0.8 percent. Wholesale gasoline was steady at $1.84 a gallon. Silver fell 7 cents to $16.97 an ounce.

In the commodities markets, gold rose $3.20 to settle at $1,322.50 an ounce.

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