Oil Firms Shares Soar

US stocks raised higher yesterday after investors expressed hope that earnings news will boost the market after a weak start to 2005.

US oil giant Exxon Mobil?s shares rose over 1 per cent, or 59 cents, to $50.46, while Chevron Texaco?s ones jumped 1.2 per cent, or 64 cents, to $51.85 as oil prices rose.

Tobacco shares were boosted after Morgan Stanley raised the price target for Altria, the parent of tobacco company Philip Morris, to $68 from $62, citing prospects for higher tobacco profits.

Altria, a Dow component, jumped 2.4 per cent, or $1.46, to $62.86. Shares of rival Reynolds American rose 2 per cent, or $1.56, to $79.68.

The Dow Jones industrial average was up 34.29 points, or 0.32 per cent, at 10,638.25. The standard & poor?s 500 Index was up 5.99 points, or 0.50 per cent, at 1,192.18. The technology-laced Nasdaq Composite Index was up 16.74 points, or 0.80 per cent, at 2,105.35.