Markets Right Now: Energy stocks lead market higher

AP News
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Posted: Oct 05, 2016 9:41 AM

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

9:35 a.m.

Energy stocks are leading an early gain on Wall Street as the price of crude oil moves higher.

Devon Energy rose 2.3 percent shortly after the opening bell Wednesday, one of the biggest gains in the Standard & Poor's 500 index.

The price of oil rose 2 percent to $49 a barrel on reports that U.S. stockpiles of crude fell sharply last week.

The Dow Jones industrial average rose 87 points, or 0.5 percent, to 18,256.

The Standard & Poor's 500 index gained 8 points, or 0.4 percent, to 2,159. The Nasdaq composite climbed 18 points, or 0.4 percent, to 5,308.

Bond prices didn't move much. The yield on the 10-year Treasury note held steady at 1.69 percent.