Oil surges 4 percent, helping Wall St. hit record peaks | Reuters

Oil surges 4 percent, helping Wall St. hit record peaks | Reuters:

"Stocks in the United States and Europe raced higher on Thursday helped by encouraging corporate reports and a 4 percent surge in oil prices on comments from the Saudi oil minister and a forecast for a tighter crude market.

Major U.S. stock indexes closed at record highs. U.S. labor data showed a drop in jobless claims, and shares of department store operators Macy's (M.N) and Kohls (KSS.N) soared after their quarterly reports.

The energy sector .SPNY was the best-performing major S&P group, up 1.3 percent, buoyed by the rise in oil prices."



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