Wall Street set for gains as oil hits $70

Trader Craig Spector center works on the floor

USA stocks rose on Wednesday, with shares of energy companies getting a boost from surging oil prices after President Donald Trump chose to pull the United States out of a nuclear deal with Iran.

The S&P 500 index rose 25.87 points, or 1 percent, to 2,697.79.

ENERGY: Benchmark U.S. crude oil fell 30 cents to $70.84 a barrel in NY. The Russell 2000 index of smaller-company stocks picked up 7.66 points, or 0.5 percent, to 1,603.71.

The Dow Jones industrial average rose 2 points, or 0.01 percent, to 24,363.

The Dow Jones industrial average rose 190 points, or 0.8 percent, to 24,732.

The Nasdaq composite increased 65 points, or 0.9 percent, to 7,404.

Rising oil prices have helped the S&P 500 energy index .spny outperform other major sectors in the quarter with gains of 12.6 percent.

The U.S. 10-year Treasury yield US10YT=RR rose to a two-week high back above the key 3 percent level.

Cognizant Technology Solutions Corp.'s stock sank 5.3% after it provided an outlook that was below expectations. The Nasdaq composite increased 21 points, or 0.3 percent, to 7,360. Across the Korean Strait, the benchmark Kospi added 0.42%.

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Technology stocks, which are up 10.8 percent this year, outgaining all other sectors in the S&P 500, were among the biggest decliners Friday.

Trade Desk vaulted 43.4 percent to $75.61 after the digital advertising platform company raised its annual forecasts after a strong first quarter.

Roughly 90 percent of the companies in the S&P 500 have reported results so far this earnings season, and some 62 percent of those have delivered both earnings and revenue that exceeded financial analysts' expectations, according to S&P Global Market Intelligence.

Starbucks Corp. shares declined by 0.5% after Nestlé earlier said it has reached a deal to market the coffee chain's consumer and food service products.

CURRENCIES: The dollar fell to 109.37 yen from 109.72 yen on Wednesday. The euro strengthened to $1.1945 from $1.1927. Silver dropped 1 cent to $16.75 an ounce.

Data on Wednesday showed US producer prices rose less than expected, held back by a moderation in the cost of services such as hotel accommodation and healthcare.

Also weighing on tech was Nvidia, which fell 2.15 per cent on worries that a short-term surge in demand for graphics chips from cryptocurrency miners may be undermining the company's core business with computer gamers. Natural gas gained 8 cents to $2.81 per 1,000 cubic feet.

The report follows a recent reading on personal consumption expenditure, the Federal Reserve's favoured metric, which hit the 2 percent inflation target. Over in Hong Kong, the Hang Seng Index advanced 0.59%.

Walt Disney (DIS.N) dipped 0.5 percent, despite beating profit estimates.

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