Wall Street Stages Turnaround on Gains in Oil and Energy Shares
The Dow, which had been nearly 300 points lower Wednesday following another devaluation of China's yuan, ended the session flat.
A huge turnaround on Wall Street. The Dow, which had been nearly 300 points lower Wednesday following another devaluation of China's yuan, finished flat. The S&P and Nasdaq also pared their losses to close higher. One big catalyst for the turnaround- crude oil. It bounced back from Tuesday's losses following a report Wednesday showing a decline in weekly inventories. Even though the drop was a bit smaller than expected, it was enough to push oil up to $43.18 a barrel. That helped the big oil stocks. Chevron (CVX), ExxonMobil (XOM) and Halliburton (HAL) all finished higher. After the close Wednesday, Cisco reported revenues and earnings that beat Wall Street estimates.
