S&P 500 clocks fresh record closing high as oil rebounds

You couldn’t rain on Wall Street’s parade.

Despite Friday’s Manhattan downpour, a rebound in oil prices and an upbeat jobs report helped the S&P 500 log a new closing high.

The benchmark index rose 0.4 per cent to a fresh high of 2,399.27 and was up 0.6 per cent for the week in its third consecutive weekly rise.

The rally was led by the energy sector, which rebounded 1.6 per cent. Indeed, oil rebounded off seven-month lows hit earlier in the day with the West Texas Intermediate, the US crude benchmark, up 1.8 per cent to $46.35 a barrel, while its international counterpart, Brent, increased by the same margin to $49.26 a barrel.

Telecoms were among the leaders, thanks to more than 1 per cent gains for US operators AT&T and Verizon. Healthcare and financials were trailing the pack, losing 0.2 per cent apiece a day after legislation advanced in Congress to undo portions of major healthcare and financial regulation passed under the former Obama administration.

After being dragged down earlier in the day by a decline in IBM shares, the Dow Jones ended the day 0.3 per cent higher at 21,006.94, and the tech-heavy Nasdaq was up 0.4 per cent to 6,100.76.