Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Oil and gas companies are lifting the U.S. stock market at midday as the price of oil swings higher.
The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 2,000, as of 11:55 a.m. Energy companies led eight of the index's 10 sectors to gains, surging 2 percent. Oil and gas producer Newfield Exploration rose the most in the index, gaining 7 percent
U.S. crude oil gained $1.08 a barrel, or 2.3 percent, to $47.33
The Dow Jones industrial average climbed 31 points, or 0.2 percent, to 17,351, while the Nasdaq composite added 19 points, or 0.4 percent, to 4,590.
The S&P 500, a widely used benchmark for U.S. investment funds, has fallen 2 percent this week, putting it on course for its third straight weekly loss.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
