2018.05.0920:26:00UTC+00Wall Street Advanced as Energy Shares Rise on Trump’s Decision

Wall Street surged on Wednesday as rising oil prices lifted energy stocks following U.S. President Donald Trump's decision the previous day to quit a nuclear agreement with Iran.

The Dow Jones industrial average climbed 182.33 points to 24,542.54, with Chevron and Exxon Mobil among the best-performing stocks in the index. Chevron and Exxon Mobil both climbed over 1.5 percent, while the Energy Select Sector SPDR Fund (XLE) added two percent.

The S&P 500 closed 0.9 percent higher at 2,697.79, with energy gaining two percent. Occidental Petroleum was one of the best-performing stocks in the S&P 500, rising 5.4 percent.

Technology shares also boosted the broad index, rising 1.4 percent, while industrials, financials and materials also jumped. Telecoms and utilities underperformed, down 1.1 percent and 0.8 percent, respectively.

The Nasdaq composite rose one percent to end at 7,339.91.

Dow component Walt Disney Co. dropped 1.8 percent even after its earnings surpassed forecasts. Its results were lifted by performance at its movie-studio arm after the huge success of “Black Panther”.

Walmart dropped 3.1 percent. The retailer's stock fell after it agreed to buy 77 percent of Flipkart for $16 billion. Flipkart is an e-commerce company based in India.

Google-owner Alphabet Inc climbed 2.87 percent, providing more lift than any other stock to the S&P 500. It was followed by Facebook Inc, which added 2.09 percent.

With March-quarter reports mostly wrapped up, S&P 500 earnings per share appear to have surged by 25.9 percent, helped by deep corporate tax cuts introduced this year, according to Thomson Reuters.