Energy stocks lead an early gain on Wall Street

AP News
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Posted: Apr 08, 2016 9:41 AM
Energy stocks lead an early gain on Wall Street

NEW YORK (AP) — Stocks are rising in early trading, led by energy companies as the price of crude oil turns sharply higher.

Murphy Oil jumped 5 percent early Friday, and offshore drilling company Transocean gained 4.5 percent.

The price of benchmark U.S. crude rose 5 percent in New York.

Gap plunged 9 percent after reporting big drops in March sales. That weighed on other retailers too.

The Dow Jones industrial average rose 97 points, or 0.6 percent, to 17,638 of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index climbed 11 points, or 0.6 percent, to 2,053. The Nasdaq composite added 26 points, or 0.6 percent, to 4,875.

The market is coming off its biggest loss in six weeks.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.72 percent.