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5/9/2018, 10:03 PM (Source: TeleTrader)
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US stocks end higher as Iran deal turmoil drives oil prices up

Stock markets in the United States finished the Wednesday trading session with strong gains as US president Donald Trump's decision to pull out of the Iran nuclear deal and reintroduce sanctions pushed oil prices to their highest level in over three years. The oil price surge was also driven by a drop in US crude inventories, which decreased by 2.2 million barrels to 433.8 million barrel for the week ending May 4. At the same time, rising prices of crude boosted shares of oil major US oil companies, which were among the main contributors to the overall increase in stock prices. Meanwhile, on the earnings front, Booking Holdings and Twenty-First Century Fox are due to release their quarterly results after the closing bell.

The Dow Jones finished the session with gains for the fifth day in a row, rising 0.75%, with DowDuPont the best performer. The Nasdaq 100 surged 1.14% to close well in the green, with Electronic Arts contributing the most. Meanwhile, the S&P 500 was 0.97% higher at the closing bell to turn positive for the year, pushed up by TripAdvisor's over 20% rise.

The euro fell 0.13% against the dollar to sell for $1.1849 at 10:03 pm CET.

Baha Breaking News (BBN) / FH