WALL Street stocks finished higher yesterday following a choppy session, as investors digested mixed economic data while petroleum-linked equities jumped on a Russian threat to cut oil production.

Analysts noted there were thin trading volumes on the final session before the weekend’s Christmas holiday, and markets will be closed on Monday.

The House of Representatives gave the final legislative approval to a sweeping $1.7 (RM7.5) trillion spending package ahead of a midnight deadline to keep the federal government open.

Meanwhile, oil prices surged as a top Russian official threatened to cut crude production after an oil price cap agreed by Western countries.

Alexander Novak, who is in charge of Moscow’s energy policy, said Russia could cut as much as 700,000 barrels a day, according to Russian news agencies.

Shares of Chevron gained 3.1%, while Apache won 5.7% and Schlumberger put on 3.2%.

The Dow Jones Industrial Average finished up 0.5% at 33,203.93.

The broad-based S&P 500 climbed 0.6% to 3,844.82, while the tech-rich Nasdaq Composite Index advanced 0.2% to 10,497.86.

Earlier economic data releases showed that orders for big-ticket US manufactured goods dropped more than expected in November, dragged by a slump in new orders for aircraft.

Meanwhile, the personal consumption expenditures price index, watched closely by the Federal Reserve as a gauge of inflation, increased 0.1% from October to November and 5.5% from November last year.

The annual figure was below October’s level but still significantly higher than Fed policymakers’ target of two% inflation, fuelling concern of further policy tightening. – AFP, December 24, 2022.