US stocks close higher as energy sector leads gains

New York, Aug 5 (IANS) US stocks finished higher on Tuesday, underpinned by solid gains in the energy sector.

The Dow Jones Industrial Average rose 164.07 points, or 0.62 per cent, to 26,828.47. The S&P 500 increased 11.90 points, or 0.36 per cent, to 3,306.51. The Nasdaq Composite Index was up 38.37 points, or 0.35 per cent, to 10,941.17, Xinhua reported.

Shares of US energy giants Exxon Mobil and Chevron climbed 2.89 per cent and 1.98 per cent, respectively, contributing to the market gains.

Nine of the 11 primary S&P 500 sectors ended higher, with energy up 2.45 per cent, outpacing the rest. Financials and health care, however, struggled.

Meanwhile, US-listed Chinese companies traded mostly higher, with seven of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on an upbeat note.

The moves came as investors eyed the ongoing negotiations in Washington on a US Covid-19 relief bill.

The wrangle continued as US lawmakers have not settled their differences over the size and scope of the relief bill.

More than 4.75 million confirmed Covid-19 cases have been reported in the United States, with over 156,000 deaths, as of Tuesday afternoon, according to a tally by Johns Hopkins University.

–IANS

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