US stocks gain as the price of crude oil rebounds

AP News
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Posted: Nov 05, 2014 4:09 PM
US stocks gain as the price of crude oil rebounds

NEW YORK (AP) — U.S. stocks are closing at a record as energy prices rebound and as Republicans gained control of the Senate.

The Dow Jones and Standard & Poor's 500 indexes closed at all-time highs Wednesday.

Devon Energy jumped 10 percent and Chesapeake Energy rose 7 percent. Both reported earnings that were better than Wall Street analysts were expecting.

The S&P 500 index rose 11 points, or 0.6 percent, to 2,023.

The Dow rose 100 points, or 0.6 percent, to 17,484. The Nasdaq composite fell three points, or 0.1 percent, to 4,620.

U.S. crude oil rose $1.49 to $78.68 a barrel in New York. It was the first gain for the price of oil in five days.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.36 percent.