AFP, New York :
Gains by petroleum-linked equities lifted Wall Street stocks Thursday but shares of private prison companies plummeted on news the US Justice Department will phase out use of their facilities.
The Dow Jones Industrial Average rose 0.1 percent to 18,597.70.
The broad-based S&P 500 climbed 0.2 percent to 2,187.02, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 5,240.15.
Dow member Chevron rose 1.3 percent while Halliburton jumped 3.0 percent as Brent North Sea crude closed above $50 a barrel for the first time in nearly two months.
Corrections Corp. of America plunged 35.5 percent and The Geo Group 39.6 percent as the government announced it would phase out the use of private prisons for federal inmates after investigations showed the facilities to be more dangerous and less cost-efficient than those in public hands.
Wal-Mart Stores rose 1.9 percent after reporting an 8.6 percent rise in earnings to $3.8 billon. Results were led by a strong performance in the retail giant’s US stores. Wal-Mart also boosted its full-year forecast.
Caterpillar fell 1.2 percent as it reported sharp sales declines in all three of its operating divisions in July, with machinery sales to resources companies down 42 percent.
Gains by petroleum-linked equities lifted Wall Street stocks Thursday but shares of private prison companies plummeted on news the US Justice Department will phase out use of their facilities.
The Dow Jones Industrial Average rose 0.1 percent to 18,597.70.
The broad-based S&P 500 climbed 0.2 percent to 2,187.02, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 5,240.15.
Dow member Chevron rose 1.3 percent while Halliburton jumped 3.0 percent as Brent North Sea crude closed above $50 a barrel for the first time in nearly two months.
Corrections Corp. of America plunged 35.5 percent and The Geo Group 39.6 percent as the government announced it would phase out the use of private prisons for federal inmates after investigations showed the facilities to be more dangerous and less cost-efficient than those in public hands.
Wal-Mart Stores rose 1.9 percent after reporting an 8.6 percent rise in earnings to $3.8 billon. Results were led by a strong performance in the retail giant’s US stores. Wal-Mart also boosted its full-year forecast.
Caterpillar fell 1.2 percent as it reported sharp sales declines in all three of its operating divisions in July, with machinery sales to resources companies down 42 percent.
