U.S. Stocks Rise as Oil Prices Climb; Alphabet Shares Fall on Downgrade - TheStreet

U.S. Stocks Rise as Oil Prices Climb; Alphabet Shares Fall on Downgrade

U.S. stocks moved slightly higher Wednesday, as oil prices rallied 1%.
Author:
Publish date:

U.S. stocks moved slightly higher Wednesday, as oil prices rallied 1%. The world's top oil producers are meeting in Algeria. Analysts remain skeptical a production freeze deal will be reached at this gathering. "Comments from the Iranian oil minister [on Tuesday] calling this just a consultation meeting and that any decisions should be made at an official OPEC meeting says it all; that's game over in terms of any decision being made," said Jasper Lawler, a market analyst with CMC Markets, based in London. Nike (NKE) - Get Report shares moved lower, despite posting better-than-expected fiscal first quarter earnings. Investors are taking the earnings report with a grain of salt as the sportswear company was lifted by a one-time tax benefit and the repurchasing of $1.1 billion worth of stock. Future orders, an important industry metric, came in below estimates. Alphabet's (GOOGL) - Get Report stock fell after being downgraded to UNDERPERFORM from NEUTRAL by the analysts at Wedbush Securities amid worries about slowing ad growth in its mobile search unit. TheStreet's Scott Gamm reports from Wall Street.