Wall Street surged on Wednesday as surging oil prices boosted energy stocks following US President Donald Trump's decision the previous day to quit a nuclear agreement with Iran.
Gains were broad and volume was high, with all but the utilities and telecom sectors advancing as investors who had moved to the sidelines in recent days ahead of Trump's decision returned to the market.
"It's classic 'buy on the terrible news'," said Ian Winer, director of trading at Wedbush Securities in Los Angeles, referring to the wider market's rally. "People had gotten way too nervous about this."
Gains were broad and volume was high, with all but the utilities and telecom sectors advancing as investors who had moved to the sidelines in recent days ahead of Trump's decision returned to the market.
"It's classic 'buy on the terrible news'," said Ian Winer, director of trading at Wedbush Securities in Los Angeles, referring to the wider market's rally. "People had gotten way too nervous about this."
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