Energy stocks rebound in US as oil price recovers

AP News
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Posted: Dec 16, 2014 11:59 AM
Energy stocks rebound in US as oil price recovers

NEW YORK (AP) — Energy companies are leading a rebound in the U.S. stock market as the price of oil turns higher.

Chevron jumped 3 percent, the biggest gain of the 30 stocks in the Dow Jones industrial average.

Crude oil rose 29 cents, or 0.5 percent, to $56.19 a barrel in New York. It traded as low as $53 a barrel earlier.

The Dow rose 188 points, or 1.1 percent, to 11:48 a.m. Eastern time. It was down 99 points earlier.

The Standard & Poor's 500 index rose 20 points, or 1 percent, to 2,010. The Nasdaq rose 28 points, or 0.6 percent, to 4,633.

Russia's ruble recouped some of its losses against the dollar Tuesday after that country's central bank hiked interest rates in an effort to protect the currency's value.