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Stocks rise broadly, led by bank shares

MoneyWatch 10/5

NEW YORK - Banking and energy companies are leading an early gain Wednesday on Wall Street, bucking a global drift lower. The price of crude oil moved sharply higher. Chesapeake Energy rose 4 percent, the biggest gain in the Standard & Poor’s 500 index.

The Dow Jones industrial average rose 112 points, or 0.6 percent, to 18,280 as of 10:36 a.m. ET. The Standard & Poor’s 500 index gained 10 points, or 0.5 percent, to 2,160. The Nasdaq composite climbed 35 points, or 0.7 percent, to 5,324.

The price of U.S. benchmark crude rose 1.8 percent to $49.56 a barrel on reports that stockpiles fell sharply last week. It’s moved sharply higher since OPEC announced a preliminary deal last week that would limit production, and is up now from a February low of $26. Brent crude, the international standard, climbed 1.6 percent to $51.69 a barrel in London.

Constellation Brands rose $4.66, or 2.8 percent, to $170.51 after it reported strong sales of beers like Corona and Modelo in its latest quarter. It raised its projections for sales growth for its beer business.

U.S. businesses added 154,000 jobs in September, the slowest pace of hiring since April, a private survey found. Payroll processor ADP said manufacturers cut jobs for the eighth straight month and professional and business services, which includes high-paying jobs such as accountants and engineers, added the fewest jobs in five months.

Britain’s FTSE 100 lost 0.6 percent to 7,047 and France’s CA 40 retreated 0.3 percent to 4,483. Germany’s DAX dropped 0.2 percent.

South Korea’s Kospi finished 0.1 percent lower and Hong Kong’s Hang Seng index gained 0.4 percent. Japan’s Nikkei 225 finished 0.5 percent higher.

U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 1.72 percent from 1.69 percent. The euro slipped to $1.1191 from $1.1197 and the dollar rose to 103.52 yen from 102.81.

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