US stocks tick up on surging oil

New York, April 13 (IANS) Helped by solid gains in oil prices, US stocks rose as investors awaited the first batch of earnings from the first quarter of the year.

The Dow Jones Industrial Average rose 164.84 points, or 0.94 percent, to 17,721.25 on Tuesday, Xinhua news agency reported.

The S&P 500 jumped 19.73 points, or 0.97 percent, to 2,061.72. The Nasdaq Composite Index increased 38.69 points, or 0.80 percent, to 4,872.09.

Oil prices surged for a third straight session on Tuesday, with both US oil and Brent crude soaring over 4 percent, as media reports showed that top producers Russia and Saudi Arabia have agreed to freeze output ahead of a much-anticipated producers meeting Sunday.

Lifted by the spiking oil prices, the energy sector jumped 2.84 percent as the biggest advancer among the S&P 500’s ten sectors.

Traders were also watching closely big banks earnings this week, starting with JPMorgan Chase & Co on Wednesday.

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