Dow notches fifth straight gain as energy shares rally

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ICMA Retirement Corp. Senior VP Wayne Wicker and CFRA Research investment strategist Lindsey Bell on what’s causing the stock market to sell off and how the midterm elections will impact the market.

U.S. stocks were higher on Wednesday, with the Dow extending its winning streak to five days as energy companies including Exxon Mobil rallied.

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The Dow Jones Industrial Average jumped 182.33 points, or 0.75%, to 24,542.54. The S&P 500 rose 25.87 points, or 0.9%, to 2,697.79. The Nasdaq Composite gained 73 points, or 1%, to 7,339.91.

For the markets, the big news was President Donald Trump’s announcement on Tuesday that the U.S. would pull out of the Iran nuclear deal. The Dow edged slightly higher on the day.

According to Trump, the deal allowed Iran to continue developing nuclear weapons, and he called the country the “leading state sponsor of terror.”

SP500S&P 5002976.61-18.50-0.62%
I:DJIDOW JONES AVERAGES27154.2-68.77-0.25%
I:COMPNASDAQ COMPOSITE INDEX8146.488965-60.75-0.74%

The move raised the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies. Oil futures surged 3% on Wednesday.

The increase in oil prices and a potential cut to Iranian oil could boost crude production in the U.S. Exxon Mobil shares rose more than 2%, while Chevron gained 1.7%.

Boeing advanced nearly 2% after its CEO played down any loss in revenue as the U.S. restarts sanctions on Iran.

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