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.

“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.

Walmart Inc fell 3.13 per cent after the retailer took a majority stake in Indian e-commerce firm Flipkart for about $16 billion.