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Oil rally boosts stocks

Wednesday, March 09, 2016 - 01:18

U.S. crude traded up about five percent on Wednesday, helping to drive stocks higher. Bobbi Rebell reports.

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A spike in oil prices energized investors, driving Wall Street higher. Devon Energy and Chesapeake led the way. Gerber Kawasaki CEO Ross Gerber: (SOUNDBITE) ROSS GERBER, CEO, GERBER KAWASAKI WEALTH AND INVESTMENT MANAGEMENT (ENGLISH) SAYING: "The market coming back is directly related to oil. This is all about how bad and deep the decline in oil hurts the economy and causing corporate bankruptcies another potential risks." New blood at embattled Valeant. The drug maker is adding three new directors, including a representative from hedge fund Pershing Square. Shares rose. Lessor Air Transport Services Group shares got a huge lift after it said Amazon.com will lease twenty freighter aircraft. Chipotle shares took a hit after four employees got sick at a restaurant near Boston. A local health official said one of them has the norovirus. Chipotle cleaned the restaurant and will reopen it Thursday. Express' stock rose to a six-month high. The apparel retailer significantly grew quarterly profit by managing inventory better and restraining promotions. But most U.S. businesses had a hard time with stockpiles. Falling sales unexpectedly caused wholesale inventory to expand in January. In Europe, energy and utilities shares powered the major indices higher.

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Oil rally boosts stocks

Wednesday, March 09, 2016 - 01:18