Economic news

U.S. stocks inch higher following oil prices surge

Wall Street rose at the opening bell on Monday as energy shares were boosted by rising crude prices and Starbucks got a support from its deal with Nestle.

Photo: Reuters

The Dow Jones Industrial Average gained 0.23 percent to 24,317.66. The S&P 500 was up 0.22 percent, at 2,669.36. The Nasdaq Composite jumped 0.45 percent, to 7,241.82.

Starbucks Corp. added 0.3 percent after the news about the partnership agreement with Nestle SA.

Shares in Gramercy Property Trust soared 15.5 percent after Blackstone Group LP said it would acquire an asset manager of commercial real estate for $7.6 billion.

Berkshire Hathaway rose 0.9 percent, though Warren Buffett's company posted first quarterly net loss in 9 years.

Price of WTI crude rose above $70 a barrel for the first time since 2014 amid growing confidence of investors that U.S. President Donald Trump will take a tough stance against Iran.

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