Markets Right Now: Stocks up as oil jumps on tanker attack
NEW YORK (AP) — The latest on developments in financial markets (all times local):
4:00 p.m.
Stocks are closing higher Thursday, led by gains in retailers and media and energy companies.
Hess rose 2.9% and Halliburton gained 2.8% as an increase in oil prices boosted energy stocks. Oil rose 2.2% after two oil tankers near the strategic Strait of Hormuz were damaged in suspected attacks.
Among retailers, Macy’s was up 3.3% while Ross Stores rose 2.3%. Disney rose 4.4% to lead the gains for media companies.
The S&P 500 index rose 11 points, or 0.4%, to 2,891. It was the index’s first gain in three days.
The Dow Jones Industrial Average gained 101 points, or 0.4%, to 26,106. The Nasdaq rose 44 points, or 0.6%, to 7,837.
Bond prices rose and the yield on the 10 year Treasury slipped to 2.10%.
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11:45 a.m.
Stocks are rising at midday Thursday as a jump in the price of oil boosts energy companies.
U.S. oil rose 3% after two oil tankers near the strategic Strait of Hormuz were damaged in suspected attacks. Brent crude, the international benchmark, gained 2.7%. Oil prices had been falling on signs demand is declining.
Exxon rose 1% and oil services company Schlumberger gained 2.6%. Helmerich & Payne, which operates oil rigs, rose 1.5%.
Consumer-oriented stocks and financial companies also gained ground. Macy’s rose 2.3% and Bank of New York gained 1%.
The S&P 500 index rose 8 points, or 0.3%, to 2,888.
The Dow Jones Industrial Average gained 59 points, or 0.2%, to 26,064. The Nasdaq rose 39 points, or 0.5%, to 7,832.
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9:35 a.m.
Stocks are rising early Thursday as a jump in the price of oil boosts energy companies.
U.S. oil rose 3.3% after two oil tankers near the strategic Strait of Hormuz were damaged in suspected attacks. Brent crude, the international benchmark, gained 3.6%. Oil prices had been falling on signs demand is declining.
Exxon and Chevron each rose over 1%. Operators of oil drilling rigs also posted gains. Helmerich & Payne rose 2%.
Tyson Foods rose 2.3% after saying it plans to sell chicken nuggets made from pea protein and a burger than is part pea protein part beef.
The S&P 500 index rose 13 points, or 0.5%, to 2,892.
The Dow Jones Industrial Average gained 127 points, or 0.5%, to 26,132. The Nasdaq rose 46 points, or 0.6%, to 7,839.
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