Energy stocks lead and early rally as price of crude surges

AP News
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Posted: Jan 22, 2016 9:43 AM
Energy stocks lead and early rally as price of crude surges

NEW YORK (AP) — Energy stocks are leading an early rally on Wall Street as the price of crude oil surges.

Marathon Oil surged 14 percent in early trading Friday, and several other energy companies also rose sharply

The price of oil jumped 6 percent to just over $31 a barrel.

American Express sank 9 percent after saying it would slash spending to cope with the negative effect of the rising dollar.

The Dow Jones industrial average gained 184 points, or 1.1 percent, to 16,066.

The Standard & Poor's 500 index rose 27 points, or 1.5 percent, to 1,896. The Nasdaq composite climbed 75 points, or 1.7 percent, to 4,548.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.07 percent.