US Shares End Higher as Energy Gains on Stronger Oil Prices

US stocks ended broadly up on Tuesday, led by energy shares as oil prices jumped nearly 2% on the day.

Energy led all sectors on the Standard & Poor’s 500, rising 1.4% ahead of the weekly US stockpile data that will be released on Wednesday. West Texas Intermediate, the main US type of oil, rose 2% while Brent, the international standard, gained 1.2%. Anardarko Petroleum (APC) and Cimarex Energy (XEC) led the sector, each rising more than 3%. Occidental Petroleum (OXY) rose 3% while Exxon Mobil (XOM) rose 1.3%.

Also on the S&P 500, financials rallied 1.1% and consumer staples firmed 0.9% as all of the S&P’s 11 grouping ended in the green. The Dow Jones Industrial Average, which posted a triple-digit advance to post a second day of gains as more than two-thirds of the 30 blue-chips ended higher.

In corporate news, Bed Bath & Beyond (BBBY) shares jumped 22% after three hedge funds that own a combined 5% stake in the household-goods retailer said in filing that they are seeking to replace the company’s board. The firm hit back, saying it’s held several discussions with two of the funds over the past few weeks while the third hasn’t previously reached out.

Viacom (VIA, VIAB) shares gained more than 7% after the New York Post reported that it had restarted merger talks with CBS (CBS), which rose 3.9%.

Carnival Corp. (CCL) lost 8.7% after the cruise-line operated cut its outlook on higher fuel costs. Apple (AAPL) lost 1% after a judge ruled that it had infringed on a patent held by Qualcomm (QCOM); Qualcomm gained 2.4%

In economic news, consumer confidence declined in March, falling to 124.1 from 131.4 in February, missing the consensus on Econoday that was calling for an increase to 133. Housing starts last month sank nearly 9%.

The Dow Jones Industrial Average rose nearly 0.6%.while the Standard & Poor’s 500 and Nasdaq Composite each gained 0.7%.

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