Energy companies nudge US stock market higher

AP News
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Posted: Jan 16, 2015 12:08 PM
Energy companies nudge US stock market higher

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.