![US stocks rise, shrugging off Italian vote](https://photo-cdn.urdupoint.com/media/2016/12/_2/740x404/pic_1480955599.jpg)
US Stocks Rise, Shrugging Off Italian Vote
Sumaira FH Published December 05, 2016 | 08:30 PM
![US stocks rise, shrugging off Italian vote](https://photo-cdn.urdupoint.com/media/2016/12/_2/740x404/pic_1480955599.jpg)
NEW YORK, Dec 5, (APP - UrduPoint / Pakistan Point News - 05th Dec, 2016 ) - Gains by petroleum-linked equities helped push US stocks higher early Monday as investors shrugged off an Italian referendum that adds uncertainty to eurozone politics.
Drilling company Transocean jumped 3.9 percent and oil producers Apache and ConocoPhillips rose more than 2 percent as oil prices continued to climb after last week's OPEC agreement to cut output.
Banking shares also continued an upward push as expectations firm that the US Federal Reserve will raise interest rates later this month. Goldman Sachs gained 2.3 percent, Bank of America 2.7 percent and JPMorgan Chase 1.8 percent.
About 25 minutes into trading, the Dow Jones Industrial Average was up 0.
5 percent to 19,261.29, above Thursday's record close. The broad-based S&P 500 gained 0.7 percent to 2,206.60, while the tech-rich Nasdaq Composite Index advanced 0.9 percent to 5,304.03.
Briefing.com analyst Patrick O'Hare said markets were taking a wait-and-see approach to the Italian vote -- which rejected the proposed reforms and led to the resignation of Prime Minister Matteo Renzi -- due to the market's resiliency in the face of earlier surprise votes in Britain and the United States.
"Participants recognize that it has paid handsomely to trade against the grain of conventional wisdom highlighting the market risks associated with presumably adverse political outcomes," O'Hare said.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From World
-
Biden talks Gaza ceasefire efforts with king of Jordan
4 hours ago -
Sinaloa Cartel co-founder pleads not guilty after stunning US capture
4 hours ago -
Panama says Venezuela blocked ex-presidents going to observe polls
4 hours ago -
Ethiopia mourns victims of landslide tragedy
5 hours ago -
Khan Yunis fighting displaces 180,000 Gazans in four days: UN
5 hours ago -
Trump slams rivals as he meets Netanyahu in Florida
5 hours ago
-
Obama & his wife, Michelle, officially endorse US VP Kamala Harris for president
5 hours ago -
Rain, cooling slow huge blaze in Canada's Jasper park
5 hours ago -
Airbus and Boeing supremacy secure despite turbulence
5 hours ago -
S.African police detain 95 Libyans at suspected military camp
5 hours ago -
'Slapping therapist' guilty over UK diabetic woman's death
6 hours ago -
Panama says Venezuela blocked flight of ex-presidents going to observe polls
6 hours ago