Markets

​Energy stocks lead rally as price of crude surges

/ AP

NEW YORK - Energy stocks are leading an early rally on Wall Street as the price of crude oil surges.

Marathon Oil surged 14 percent in early trading Friday, and several other energy companies also rose sharply

The price of oil jumped 6 percent to just over $31 a barrel.

American Express sank 9 percent after saying it would slash spending to cope with the negative effect of the rising dollar.

The Dow Jones industrial average gained 238 points, or 1.5 percent, to 16,120 at 10:27 a.m. ET.

The Standard & Poor's 500 index rose 36 points, or 1.9 percent, to 1,905. The Nasdaq composite climbed 103 points, or 2.3 percent, to 4,575.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.07 percent.

First published on January 22, 2016 / 10:31 AM EST

© 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.