Markets Right Now: Energy companies lead stock market higher

AP News
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Posted: Jun 06, 2016 4:15 PM

NEW YORK (AP) — The latest on developments in global financial markets (all times local):

4:00 p.m.

Stocks closed at a new high for the year after a speech by Federal Reserve Chair Janet Yellen raised doubts over an interest rate hike this month.

Stock gains were led by energy companies as prices for oil and gas climbed.

Offshore rig operator Transocean jumped nearly 15 percent Monday and National Oilwell Varco rose almost 9 percent.

Crude oil rose 2.2 percent to just under $50 a barrel in New York. Natural gas prices also rose.

Banks also rose as long-term interest rates moved higher. JPMorgan Chase rose 1 percent.

The Dow Jones industrial average rose 113 points, or 0.6 percent, to 17,920. The Standard & Poor's 500 climbed 10 points, or 0.5 percent, to 2,109. The Nasdaq composite added 26 points, or 0.5 percent, 4,969.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.73 percent.

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11:45 a.m.

Stocks are solidly higher on Wall Street, led by gains in energy companies as prices for oil and gas climb.

Offshore rig operator Transocean jumped 11 percent in midday trading Monday and National Oilwell Varco rose 7 percent.

Crude oil rose 2 percent to just under $50 a barrel in New York. Natural gas prices also rose.

Banks also rose as long-term interest rates moved higher. JPMorgan Chase rose 1.6 percent.

The Dow Jones industrial average rose 115 points, or 0.7 percent, to 17,923. The Standard & Poor's 500 climbed 10 points, or 0.5 percent, to 2,109. The Nasdaq composite added 22 points, or 0.5 percent, 4,965.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.73 percent.

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9:35 a.m.

Stocks are rising in early trading on Wall Street, led by gains in energy companies as prices for oil and gas climb.

Chesapeake Energy climbed 2.6 percent in the first few minutes of trading Monday and Southwestern Energy rose 2.4 percent.

The price of benchmark U.S. crude oil rose 1.8 percent to just under $50 a barrel in New York. Natural gas prices also rose.

The Dow Jones industrial average gained 51 points, or 0.3 percent, to 17,859. The Standard & Poor's 500 edged up 2 points, or 0.1 percent, to 2,101. The Nasdaq composite added 5 points, or 0.1 percent, 4,947.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.73 percent.