Monday, June 29, 2009
Stocks are higher at midday on Wall Street, helped by higher energy prices as the quarter draws to a close.
Energy, industrial and materials stocks led the market higher in light trading volume. Investors are putting money into areas that would benefit from an improving economy.
Crude oil rose $2 to above $71 a barrel on the New York Mercantile Exchange after Nigerian militants damaged and partly shut down an offshore oil platform belonging to Royal Dutch Shell.
With the quarter's end Tuesday, some money managers could be buying stocks to bolster returns for the quarter. The Standard & Poor's 500 index is up 15% since the start of the quarter.