US close: Dow gains over 120 points as stocks extend gains

The Dow Jones Industrial Average closed up 122 points to 16,912.29, while the S&P 500 and the Nasdaq were 16 and 27 points higher respectively.

Oil rally comes to a halt

Oil prices initially extended Tuesday’s rally, before reversing those gains as West Texas Intermediate losing 0.83% to $48.13 a barrel, while Brent fell 0.52% to $51.65 a barrel.

“This stronger oil price should provide strength to currencies with export linked commodity exports,” said FXTM research analyst Lukman Otunuga.

“Despite the inspiration gained by WTI bulls, the global themes concerning the decline in commodity prices, the slowdown in Asia and continual concerns over the pace of growth in Europe and Japan have not changed.”

Elsewhere, European stocks gained, while Asian equity markets edged higher on Wednesday after the Bank of Japan opted against extending its stimulus measures.

Japan’s central bank decided by an 8 to 1 vote to leave the bank's policy target unchanged and reiterated its pledge to increase base money at an annual pace of 80trn yen (£436bn) via asset purchases.

The dollar declined 0.23% and 0.66% against the yen and the pound respectively but rose 0.22% against the euro, while gold futures declined 0.10% to $1,146.10.

In company news, Yum Brands plunged 18.9%, after the owner of KFC and Pizza Hut cut its earnings outlook for the year late on Tuesday, citing a slower-than-expected recovery in China, while Constellation Brands rose 2.47% after its quarterly results topped expectations.

Mining group Freeport-McMoRan rallied 9.79%, continuing its six-day winning streak, which has seen it gaining 43% since the turn of the month, even though the stocks has lost over 44% since the start of the year.

Adobe Systems slumped 5.28%. after issuing a lower-than-expected outlook for its coming financial year late on Tuesday.

On the economic data front, the Mortgage Bankers Association said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, soared 25.5% in the week ended 2 October.

The seasonally adjusted sub-index of refinancing applications jumped 24%, while the index of loan requests for home purchases, a key indicator of home sales, rose 27% and is now 49% higher year-on-year.

S&P 500 - Risers
Freeport-McMoRan Inc (FCX) $13.01 +9.98%
TEGNA Inc (TGNA) $25.59 +7.07%
Genworth Financial Inc. (GNW) $5.50 +6.18%
Wynn Resorts Ltd. (WYNN) $71.99 +6.10%
Scripps Network Interactive Inc. (SNI) $54.65 +5.79%
Windstream Holdings Inc (WIN) $6.44 +5.75%
Regeneron Pharmaceuticals Inc. (REGN) $485.76 +5.64%
Joy Global Inc. (JOY) $17.09 +5.62%
CF Industries Holdings Inc. (CF) $52.28 +5.51%
Frontier Communications Co. (FTR) $5.38 +5.08%

S&P 500 - Fallers
Yum! Brands Inc. (YUM) $67.67 -18.88%
Peabody Energy Corp. (BTU) $22.97 -13.35%
Denbury Resources Inc. (DNR) $3.44 -9.82%
Nordstrom Inc. (JWN) $67.99 -7.21%
Adobe Systems Inc. (ADBE) $80.65 -5.28%
Mead Johnson Nutrition Co. (MJN) $72.40 -3.58%
Dollar Tree Inc (DLTR) $62.90 -3.51%
NRG Energy Inc. (NRG) $15.40 -2.41%
ConAgra Foods Inc. (CAG) $40.96 -2.27%
Darden Restaurants Inc. (DRI) $66.47 -2.16%

Dow Jones I.A - Risers
Merck & Co. Inc. (MRK) $50.96 +2.33%
Intel Corp. (INTC) $32.31 +1.80%
Boeing Co. (BA) $137.01 +1.77%
Johnson & Johnson (JNJ) $95.03 +1.72%
Exxon Mobil Corp. (XOM) $79.19 +1.67%
General Electric Co. (GE) $27.74 +1.65%
Visa Inc. (V) $73.19 +1.54%
Pfizer Inc. (PFE) $33.27 +1.46%
Coca-Cola Co. (KO) $41.51 +1.34%
Chevron Corp. (CVX) $88.09 +1.26%

Dow Jones I.A - Fallers
Nike Inc. (NKE) $122.02 -0.95%
Caterpillar Inc. (CAT) $70.40 -0.59%
Apple Inc. (AAPL) $110.67 -0.57%
Verizon Communications Inc. (VZ) $43.86 -0.45%
Walt Disney Co. (DIS) $103.41 -0.35%
McDonald's Corp. (MCD) $101.77 -0.13%

Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $71.99 +6.10%
Regeneron Pharmaceuticals Inc. (REGN) $485.76 +5.64%
Amgen Inc. (AMGN) $148.22 +4.96%
Celgene Corp. (CELG) $116.99 +4.28%
Alexion Pharmaceuticals Inc. (ALXN) $164.85 +3.03%
Yahoo! Inc. (YHOO) $31.88 +2.99%
Discovery Communications Inc. Class A (DISCA) $28.01 +2.94%
Gilead Sciences Inc. (GILD) $100.27 +2.80%
Fastenal Co. (FAST) $38.04 +2.64%
Dish Network Corp. (DISH) $61.04 +2.50%

Nasdaq 100 - Fallers
Adobe Systems Inc. (ADBE) $80.65 -5.28%
Tesla Motors Inc (TSLA) $231.96 -3.93%
Dollar Tree Inc (DLTR) $62.90 -3.51%
Baidu Inc. (BIDU) $144.77 -3.36%
Mylan Inc. (MYL) $42.23 -1.45%
Bed Bath & Beyond Inc. (BBBY) $58.94 -1.27%
Vodafone Group Plc ADS (VOD) $32.09 -0.93%
Liberty Interactive Corporation QVC Group (QVCA) $26.48 -0.82%
O'Reilly Automotive Inc. (ORLY) $251.78 -0.79%
Symantec Corp. (SYMC) $20.85 -0.71%