A spike in oil prices drove the main indexes to new closing highs for a second straight day. Fred Katayama reports.
Wall Street rose to record highs for a second straight day. Driving stocks higher: a rise in oil prices and optimism over President Trump's economic agenda. Add to that strong earnings, says Merdian Equity Partner's Jonathan Corpina. SOUNDBITE: JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERIDIAN EQUITY PARTNERS, (ENGLISH) SAYING: "It's more of a follow-through from yesterday. It's the same overall theme. Earnings season has helped our market. Economic data has helped our market. And there hans't been any real negative headline that would derail this rally that we've seen over quite a period of time. I think investors are getting a little more comfortable with where the market is and where we should be going." Sears shares soaring after the struggling retailer announced a new plan to slash more than $1 billion in costs. It said it'll shrink overhead and improve the merchandise sold at its stores. Shares of Mead Johnson Nutrition rose after Reckitt Benckiser agreed to buy the American baby formula maker for nearly $17 billion. The purchase will nearly double the British company's consumer health business and boost its presence in developing markets. Sweeeet: "Candy Crush" maker Activision Blizzard's shares rallied a day after its revenue wowed Wall Street. The videogame publisher also hiked its payout and announced a $1 billion stock buyback plan. In Europe, a rally in basic materials and energy stocks drove shares to their highest level in two weeks.