NEW YORK (AP) — The latest on developments in financial markets (All times local):
A surge in the price of oil is sending energy stocks sharply higher in midday trading, edging the Dow Jones industrial average up to another all-time high.
Benchmark U.S. crude jumped 8 percent in New York after OPEC countries agreed to their first cutback in production in eight years.
Among energy stocks, Marathon Oil jumped 22 percent and oil rig operator Transocean rose 16 percent.
Bank stocks also rose. Goldman Sachs helped drive the Dow higher with a gain of 3.8 percent.
The Dow rose 83 points, or 0.4 percent, to 19,202. The S&P 500 edged up 2 points, or 0.1 percent, to 2,207. The Nasdaq composite fell 31 points, or 0.6 percent, to 5,348.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.39 percent.
Soaring oil prices are sending energy stocks sharply higher in early trading, edging the Dow Jones industrial average up to another all-time high.
The price of benchmark U.S. crude jumped 6 percent in New York early Wednesday after OPEC countries moved close to finalizing a deal to reduce production.
Among energy companies, Devon Energy jumped 13.8 percent, the biggest gain in the Standard & Poor’s 500 index.
Banks also rose sharply after President-elect Donald Trump’s pick for treasury secretary, Steven Mnuchin, said interest rates would rise. That would make lending more profitable for banks.
The Dow rose 69 points, or 0.4 percent, to 19,188. The S&P 500 climbed 8 points, or 0.4 percent, to 2,213. The Nasdaq composite edged up 7 points, or 0.1 percent, to 5,387.