Stocks rocketed higher in Thursday’s afternoon session as a rally in crude kicked off buying in the energy sector. The S&P 500 came within range of its all-time high and the Nasdaq beat its record close set 15 years ago. Oil touched $58 a barrel briefly on Thursday. Infighting in Yemen pointed to possible supply disruptions in the Middle East, while fresh calls for increased stimulus in China encouraged investors that a supply-demand imbalance could soon be corrected. The energy sector was the market leader on Thursday. Among the largest oilers, BP (BP) climbed 0.8% and Royal Dutch Shell (RDS.A) spiked 1%.
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