Closing Bell: Crude Rebounds After Five-Month Settlement; S&P, Nasdaq at Records

Stocks turn higher this afternoon as a rebound in crude prices fuels a rally in the energy sector.

Author:: Keris Alison Lahiff
Publish date:: May 5, 2017 4:15 PM EDT

Stocks turned higher this afternoon as a rebound in crude prices fueled a rally in the energy sector. A positive April jobs report this morning also upped the chances of a June rate hike. Crude oil rebounded on Friday from its worst settlement in five months a day earlier. Gains held even after another increase in the number of rigs drilling for crude rose over the past week. Production has risen for the past 16 weeks in a row. Universal Display (OLED) - Get Report rallied after reporting a massive 87% increase in quarterly revenue. Universal is rumored to have provided its display product to the iPhone 8. Shake Shack (SHAK) - Get Report surged even as same-store sales turned negative over its recent quarter. Same-restaurant sales decreased by 2.5% over its first quarter, down from nearly 10% growth in the same period a year earlier.