(MENAFN- ProactiveInvestors - N.America)
US energy stocks dominated the light gains on Wall Street on Wednesday after US weekly oil inventories came in below forecast and propped up oil prices.
The broad-based S&P 500 was up 0.08% at 2102 while energy stocks drive mid- and small-cap stocks higher.
Among big ticker gainers were oil stocks Chevron (NYSE:CVX) up 1.2% at $101.69 and Chesapeake Energy (NYSE:CHK) up 4.9% at $6.42.
The S&P Midcap 400 was up 0.07% at 1477 with the top gainers including Consol Energy (NYSE:CNX) up 3.75% at $13.83 Sm Energy (NYSE:SM) up 6.4% at $27.37 and Denbury Resources (NYSE:DNR) up 3.1% at $3.71.
The S&P Smallcap 600 was up 0.1% at 700 and led by Bonanza Creek Energy (NYSE:BCEI) up 18.4% at $2.89 and Cloud Peak Energy (NYSE:CLD) up 6.9% at $2.33.
Oil prices were buoyed by the US stocks data as well as speculation that Russia may host another round of supply-cutting talks in May with the US benchmark West Texas Intermediate up 3.8% at $42.63 - its highest level since November 25.
Midsession
Wall Street stocks gained at midsession on Wednesday after government data showed US crude oil inventories rose slightly less than expected last week and sent energy prices to their highest levels since late November.
The broad-based S&P 500 was up 0.35% at 2108 while energy stocks drive mid- and small-cap stocks higher.
The S&P Midcap 400 was up 0.1% at 1478 with the top gainers including Consol Energy (NYSE:CNX) up 7.65% at $14.35 Sm Energy (NYSE:SM) up 7% at $27.53 and Denbury Resources (NYSE:DNR) up 6.9% at $3.85.
The S&P Smallcap 600 was up 0.05% at 700 and led by Bonanza Creek Energy (NYSE:BCEI) up 17.6% at $2.87 and Cloud Peak Energy (NYSE:CLD) up 15% at $2.51.
Oil prices were buoyed by the US stocks data with the US benchmark West Texas Intermediate up 3.7% at $42.61 - its highest level since November 25.
Speculation that major oil producers would meet in Russia in May for another attempt at curtailing output also boosted oil prices.
Oil prices had been lower earlier after Kuwaiti workers ended a three-day strike.
Open
The major benchmarks were virtually unchanged after half an hour of trading although results fromThe Coca-Cola Company(NYSE:KO) fell flat.
The fizzy drinks maker fell almost 5% to $44.39 as it blamed the strength of the dollar for the fourth consecutive quarter in which sales fell.
The blue-chip measure the S&P 500 was more or less unchanged at 2101 as was the mid-cap S&P 400 at 1476 and the small cap gauge the Russell 2000 at 1140.
Hansen Medical Inc (NASDAQ:HNSN) was the best performer on Nasdaq as it agreed to be bought out by Auris Surgical Robotics in an $80mln deal worth $4 a share.
The shares of the medical devices maker rose 40% to $3.98.
Oculus Innovative Sciences Inc (NASDAQ:OCLS) matched that rise advancing 40% to $1.3101 after the dermatology specialist said it had received new 510(k) clearance from the US Food and Drug Administration for the company's new Microcyn-based Lasercyn gel.
It was all happening in the medical sector in early dealings asOncoSec Medical Incorporated(NASDAQ:ONCS) shot up 21% to $2.916 after it presented long-term follow-up data of patients who were treated with its investigational therapy ImmunoPulse IL-12 and later went on to receive an anti-PD-1/PD-L1 therapy.
The results suggested that the cancer treatment may prime and enhance response rates of the body's immune system.
It was not all happy days in the sector however as Argos Therapeutics Inc (NASDAQ:ARGS) lost almost a quarter of its value as it revealed its chief operating officer Fred Miescowicz will leave the company on Friday having served notice to quit last week.
Argos announced major staff cutbacks on Tuesday as it seeks to cut back on running costs.
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