Markets Right Now: Energy companies lead stocks higher

AP News
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Posted: Nov 01, 2017 9:45 AM

NEW YORK (AP) — The latest on developments in financial markets (All times local):

9:40 a.m.

Stocks are opening higher amid optimism over global economic growth and corporate earnings.

Energy jumped Wednesday as U.S. crude oil rose to $55 a barrel, its highest price since February. Concho Resources rose 5.6 percent and Marathon Oil rose 2.6 percent.

Stocks headed higher after an ADP survey showed that private businesses added 235,000 jobs in October, a solid result.

Cosmetics giant Estee Lauder rose 5.9 percent after a strong quarterly report.

The Standard & Poor's 500 index rose 10 points, or 0.4 percent, to 2,585, inching further into record heights.

The Dow Jones industrial average rose 99 points, or 0.4 percent, to 23,476. The Nasdaq composite is up 27 points, or 0.4 percent, to 6,755.