Stocks Rise As Oil Prices, Factory Orders Climb

July 3, 2012 | By
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Stocks rise as oil prices, factory orders climb and Caterpillar, Alcoa, Boeing and other stocks that depend on manufacturing rose.

AP

Stocks climbed Tuesday in an abbreviated holiday trading session after an encouraging report about manufacturing. Energy stocks rose the most because of increased tension over oil-rich Iran.

Major stock indexes wavered in early trading, then moved decisively higher after the government reported that factory orders rose in May. Caterpillar, Alcoa, Boeing and other stocks that depend on manufacturing rose.

The report was welcome after a trade group reported on Monday that U.S. manufacturing shrank in June for the first time since July 2009, the first month after the Great Recession ended.

The price of oil climbed more than 4 percent after Iran threatened to block a critical Persian Gulf shipping route. On Sunday, Europe enacted stricter rules against buying oil from Iran, trying to force it to be more open about its nuclear program.

New York crude rose $3.92 per barrel to $87.67. The supply fears drove energy stocks up more than 2 percent, more than any other industry in the Standard & Poor’s 500. Exxon Mobil and Chevron both rose more than 1 percent.

Read the whole story:  AP

 

 

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Category: COMMERCE

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