June 21 (Bloomberg) -- U.S. stocks rose, led by energy companies, after the price of oil approached $70 a barrel and reports showed the economy is gaining momentum.
Exxon Mobil Corp., the biggest crude producer, climbed the most in more than a month. Advanced Micro Devices Inc., the second-biggest maker of personal-computer processors, rallied after an analyst raised his rating on the stock.
Energy shares in the Standard & Poor's 500 Index have led the market's advance this year, rising 18 percent as a group compared with the overall index's 7 percent climb. Stocks were also boosted today by reports that showed manufacturing in the Philadelphia area jumped and economic indicators strengthened more than forecast.
The S&P 500 Index increased 0.47 to 1513.31 at 12:14 a.m. in New York. The Dow Jones Industrial Average lost 16.01, or 0.1 percent, to 13,473.41, led lower by Caterpillar Inc. after an analyst said its earnings may trail estimates. The Nasdaq Composite Index added 3.84, or 0.2 percent, to 2603.8.
Exxon rose $1.60 to $84.42. Chevron Corp., the second- biggest oil company, climbed $1.17 to $82.14.
Crude for August delivery climbed 55 cents to $69.41 a barrel in New York after Nigerian workers left the country's export terminals amid a nationwide strike in Africa's largest producer.
AMD, Nvidia
AMD gained 60 cents to $14.24 after Stifel, Nicolaus & Co. raised its rating on the stock to ``short-term trading buy'' from ``neutral,'' saying the company has likely retaken some market share.
Nvidia Corp. added $1.88 to $41.74. Lehman Brothers upgraded the maker of computer graphics chips to ``overweight'' from ``equal weight,'' citing improved demand for personal computers and the company's new Tesla chips.
Shares of Oakley Inc. jumped $3.17, or 13 percent, to $28.40 after the maker of sunglasses agreed to be acquired by Luxottica Group SpA for $2.03 billion in cash, or $29.30 a share.
The Andersons Inc. increased $3.88 to $44.28. The company, which sells and stores grain, increased its forecast, saying it expects to earn $2.80 to $3.05 a share this year. That topped the company's previous prediction of as much as $2.60 and beat the average estimate of $2.68 from analysts in a Bloomberg survey.
Economic Momentum
A gauge of leading U.S. economic indicators strengthened last month as stock prices jumped and fewer workers applied for unemployment benefits, a private report showed. The Conference Board's index of leading economic indicators increased 0.3 percent after a 0.3 percent drop in April. Economists had expected a 0.2 percent gain, according to a Bloomberg survey.
Manufacturing in the Philadelphia region accelerated in June at the fastest pace in more than two years as orders surged. The Federal Reserve Bank of Philadelphia's general economic index jumped to 18 this month, the highest since April 2005, from 4.2 in May, the bank said today. Economists in a survey expected a reading of 7.0. A positive number signals expansion. The index averaged 8.1 last year.
More Americans than forecast filed first-time claims for unemployment benefits last week, suggesting the labor market may be cooling. Initial jobless claims rose by 10,000 to 324,000 in the week ended June 16, the Labor Department said. Economists forecast claims would hold at 311,000 for a third eek, according to the median of 41 projections in a Bloomberg News survey.
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