US mkts gain on drop in oil prices

CNBC' s Margaret Brennan - A drop in oil prices and a rally in financial stocks helped bring the bulls back in the market with the Dow posting its first gain in 4 sessions, 277 points and the Nasdaq gained by 69 points despite word that the consumer prices jumped 1.1% in the month of June. That’s a fastest increase in 2 decades. Still financial stocks were strong performers, Wells Fargo posting a 22% of a decrease in the net income. But that decrease wasn’t as bad as expected and led hope that perhaps the earnings from the financial sector won be as dire as expected. Wells Fargo also said it’s boosting its dividend and that added more than 31% premium to its share price on the day.

Goldman Sachs shares posted one their top ten all time advances on Wednesday adding 15 points to close at USD 172/ share and oil prices fell for a second day, with prices falling more than USD 10/bbl over two days. Crude settled at USD 134.60/bbl in a surprise jump in the US supply.

Wall Street action

Mkts bounce back helped by lower oil prices, strong results
Both Dow Jones & S&P close 2.5% higher
Nasdaq surges 3%
Wells Fargo results stronger than expected; boosts financial sector
Goldman Sachs adds 15 pts to close at $172/sh
Oil prices fell for the second day with prices falling over $10/bbl over two days
Crude settles at around $134/bbl owing to a surprise jump in the US supply