Markets Right Now: Energy, tech lead gains on Wall Street

AP News
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Posted: May 16, 2016 4:13 PM
Markets Right Now: Energy, tech lead gains on Wall Street

NEW YORK (AP) — The Latest on global financial markets (all times local):

4:00 p.m.

Solid gains in energy and technology stocks led Wall Street higher, breaking a three-day losing streak.

Oil companies rallied Monday after the price of crude oil climbed 3 percent. Marathon Oil jumped 4 percent and Devon Energy also rose 4 percent.

Apple led tech stocks higher with a 4 percent gain after Warren Buffett's Berkshire Hathaway disclosed it had taken a stake in the company.

The Dow Jones industrial average rose 175 points, or 1 percent, to 17,710. The Standard & Poor's 500 index rose 20 points, or 1 percent, to 2,066. The Nasdaq composite index gained 57 points, or 1.2 percent, to 4,775.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.75 percent.

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11:45 a.m.

Stocks are moving higher on Wall Street, led by gains in energy companies as the price of crude oil rises sharply.

Marathon Oil jumped 6 percent in midday trading Monday and offshore driller Transocean rose 5 percent.

U.S. benchmark crude oil rose 3 percent to almost $48 a barrel in New York after analysts at Goldman Sachs said the oil market has gone from oversupply to deficit far more quickly than expected.

Apple rose 4 percent after Warren Buffett's Berkshire Hathaway disclosed it had taken a stake in the company.

The Dow Jones industrial average rose 150 points, or 0.9 percent, to 17,685. The Standard & Poor's 500 index rose 17 points, or 0.9 percent, to 2,064. The Nasdaq composite index gained 53 points, or 1.1 percent, to 4,771.

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9:35 a.m.

Stocks are opening higher on Wall Street, led by gains in energy companies as the price of crude oil rises sharply.

Marathon Oil jumped 6 percent early Monday and offshore driller Transocean rose 5.7 percent.

U.S. benchmark crude oil rose 3 percent to almost $48 a barrel in New York after analysts at Goldman Sachs said that there was no longer an excess of supplies.

Apple rose 2 percent after Warren Buffett's Berkshire Hathaway disclosed it had taken a stake in the company.

The Dow Jones industrial average rose 57 points, or 0.3 percent, to 17,591. The Standard & Poor's 500 index rose six points, or 0.3 percent, to 2,052. The Nasdaq composite index gained 17 points, or 0.4 percent, to 4,735.

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10:30 a.m.

European stocks edged lower after weak industrial data from China, but trading volumes were thin due to a bank holiday in several countries.

Britain's FTSE 100 was down 0.2 percent at 6,125, while France's CAC 40 was 0.8 percent lower at 4,287. Germany's market remained closed for the Whit Monday holiday.

Futures augured a steady open on Wall Street, with both Dow and S&P 500 futures up 0.1 percent.

Chinese government data showed factory output in April was weaker than expected, fueling concern that a possible economic rebound supported by government stimulus might be faltering

The price of oil, however, continued its weeks-long recovering, with the U.S. benchmark contract up 86 cents at $47.07 a barrel in electronic trading. The international benchmark, Brent was up 87 cents at $48.70.