Wall Street closes higher thanks to energy stocks
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U.S. stocks closed higher on Monday thanks to energy stocks which were boosted by a better-than- expected earnings report from Exxon Mobil Corp.
Exxon Mobil Corp. on Monday reported its most profitable quarter since the record third quarter of 2008.
The company said that its profit rose 53 percent to 9.25 billion dollars, or 1.85 dollars per share, in the last three months of 2010, compared with 6.05 billion dollars, or 1.27 dollars per share, in the same period a year earlier.
Exxon Mobil's earnings came after Chevron Corp., which said Friday that its quarterly profit topped 5 billion dollars, also beating Wall Street's target.
Meanwhile, investors were still concerned that the unrest in Egypt may have an impact on oil prices, especially if the Suez Canal, a key route for oil tankers and cargo ships, was to be closed.
The Dow Jones industrial average rose 68.23 points, or 0.58 percent, to 11,891.93. The Standard & Poor's 500 index jumped 9. 78 points, or 0.77 percent, to 1,286.12 and the Nasdaq was up 13. 19 points, or 0.49 percent, to 2,700.08.
