NEW YORK (AA) – Wall Street posted massive gains Tuesday as indexes rose 1.25 percent, due to steep climb in oil prices.
The Dow Jones jumped 222 points to end the day at 17,928 points. The S&P 500 increased 26 points to close at 2,084, while the Nasdaq was up 60 points to 4,810.
While the Dow and S&P posted their biggest daily gains in the past two months, the Nasdaq recorded its largest daily increase in a month.
Crude oil prices rallies as an wildfire in the oil-rich Canadian province of Alberta continues to raise concerns in the global market about secure oil supply from the country’s tar sands.
Approximately 1.5 million barrels of oil production per day on average have been taken off the global crude market because of the fire — creating upward pressure on oil prices.
At the final bell, West Texas Intermediate was up 2.8 percent to $44.66 per barrel. Brent crude was around $45.56 with a 4.4 percent increase.
Shares of U.S. energy companies also increased. Oil and natural gas company Southwestern Energy Co’s stocks rose more than 7 percent, while shares of oil firm Hess Corporation gained 6 percent.
And the stock value of e-commerce giant Amazon saw a 3 percent gain, climbing above $700 per share.
