(Reuters) - Wall Street surged on Wednesday as surging oil prices boosted energy stocks following U.S. President Donald Trump's decision the previous day to quit a nuclear agreement with Iran. Gains were broad and volume was high, with all but the utilities and telecom sectors advancing as investors who had moved to the sidelines in recent days ahead of Trump's decision returned to the market. "It's classic 'buy on the terrible news'," said Ian Winer, director of trading at Wedbush Securities in Los Angeles, referring to the wider market's rally. Trump's decision for the United States pull out of the international agreement aimed at preventing Iran from obtaining a nuclear weapon was good news for investors betting on a rise in oil prices. Crude hit its highest level in 3-1/2 years as investors bet the U.S. withdrawal would increase risks of conflict in the Middle East and curtail global oil supplies.

Source: New York Times May 09, 2018 12:38 UTC