Stocks rose to a six-week high as oil hit a 2016 high on falling supplies and a weaker dollar. Bobbi Rebell reports.
The S&P 500 touched an 11-month high on Tuesday helped by gains in energy shares. Winners included Chevron and Exxon as supply constraints and the weak dollar drove oil prices to 2016 highs. S&P Global Market Intelligence's Sam Stovall: (SOUNDBITE) SAM STOVALL, MANAGING DIRECTOR, U.S. EQUITY STRATEGY, S&P GLOBAL MARKET INTELLIGENCE, (ENGLISH) SAYING: "Oil prices back above $50 a barrel which I think is positive because the implication is that the global economy is strong enough to be pushing up oil prices but also there could be a beneficial impact to 2016 earnings estimates." U.S. non-farm productivity fell less sharply than initially thought in the first quarter, but labor-related costs surged for a second straight quarter. Companies are hiring more workers to raise output. Biogen stock tumbling after the biotech company's multiple sclerosis drug failed a mid-stage study. Valeant shares plunged after the Canadian drugmaker slashed its 2016 forecast. Ralph Lauren stock out of fashion with investors. Shares fell on news the luxury fashion brand is slashing about a thousand jobs and closing 50 stores. In Europe, shares moved higher, reacting in part to U.S. Fed Chair Janet Yellen pushing back expectations for a rate increase this month.