MARKET SNAPSHOT: Dow, S&P 500 March Toward Fresh Highs As Oil Trades Above $51

By Ellie Ismailidou and Carla Mozee, MarketWatch

Analysts looking at the 18,000 psychological level for the Dow

The Dow Jones Industrial Average climbed Wednesday to top the psychologically important 18,000 level as stocks extended gains from the past two sessions.

A continued rally in crude-oil prices, which jumped above $51 a barrel and a weaker dollar, hovering around a one-month low, supported early buying appetite

The S&P 500 gained 7 points, or 0.3%, to 2,119, moving less than 1% off its record of 2,130.82, set May 21, 2015.

Gains were led by energy and industrial shares, up 0.8% and 0.6% respectively. The only three sectors in negative territory were telecom, health-care and consumer-staples, all three of which are traditionally viewed as safety plays, implying that demand for risky assets is accelerating among stock investors.

The Dow added 69 points, or 0.4%, to 18,007, led by a 1.6% rise in shares of Caterpillar Inc.(CAT) and a 1% gain in Boeing Co.(BA).

Analysts were focusing on the 18,000-point level as a significant technical indicator for the Dow, after the blue-chip gauge briefly broke above that level Tuesday for the first time since April.

Meanwhile, the Nasdaq Composite was up 13 points, or 0.3%, at 4,974.

(END) Dow Jones Newswires

June 08, 2016 10:00 ET (14:00 GMT)

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