Hopes for an end to oil price rout sends stocks higher

AP News
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Posted: Feb 03, 2015 4:12 PM
Hopes for an end to oil price rout sends stocks higher

NEW YORK (AP) — Hopeful signs that the long-running collapse in oil prices could be ending helped send the stock market sharply higher.

Energy stocks led the way up as the price of oil surged 7 percent Tuesday. Chevron and Exxon Mobil were among the biggest gainers in the Dow Jones industrial average.

Overall the energy sector rose 2.8 percent, twice as much as the rest of the market.

European indexes rose following signs that the new Greek government won't press for a write-off of its bailout loans.

At the closing bell the Dow was up 305 points, or 1.8 percent, at 17,666.

The Standard & Poor's 500 index climbed 29 points, or 1.4 percent, to 2,050. The Nasdaq rose 51 points, or 1.1 percent, to 4,727.

Oil jumped $3.48 to $53.05 a barrel.