iStock/Thinkstock(NEW YORK) — Wall Street rallied Tuesday on soaring oil prices.
The Dow gained 54.37 (+0.29 percent) to finish at 18,923.06.
The Nasdaq jumped 57.23 (+1.10 percent) to close at 5,275.62, while the S&P 500 finished at 2,180.39, up 16.19 (+0.75 percent) from its open.
Oil: Crude oil climbed nearly 6 percent with prices hitting over $46 a barrel after reports that the Organization of the Petroleum Exporting Countries (OPEC) was working on a proposal to cut crude oil output. OPEC will meet in Vienna on Nov. 30.
Winners and Losers: Thanks to the oil rally, shares in Chesapeake Energy Corp. soared about 11 percent and Murphy Oil Corporation’s stock jumped 9 percent.
Four major airlines saw gains Tuesday after Warren Buffett’s Berkshire Hathaway bought stakes in American Airlines, Delta Air Lines, Southwest Airlines and United Continental.
Amplify Snack Brands, Inc.’s stock sunk 24 percent on third-quarter earnings that missed investors’ expectations.
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