US stocks gain as the price of crude oil rebounds
Source: AP-EXCITE
By STEVE ROTHWELL
NEW YORK (AP) — U.S. stocks gained in early afternoon trading as energy prices stabilized and following the completion of the midterm elections that saw Republicans take control of the Senate.
KEEPING SCORE: The Standard & Poor's 500 index rose eight points, or 0.4 percent, to 2,020 as of 1:28 p.m. Eastern Time. The Dow Jones industrial average gained 86 points, or 0.5 percent, to 17,470. The Nasdaq composite was little changed at 4,624.
ENERGIZED: Benchmark U.S. crude rose for the first time in five days, climbing $1.50 to $78.74 a barrel. Oil prices have been in a slump since the summer and fell further at the start of the week after Saudi Arabia decided to sell its oil at bargain prices to the U.S. in a bid to maintain its market share amid a boom in U.S. production.
Energy stocks rose after two days of big declines. Devon Energy was the biggest gainer in the S&P 500 index after it reported record oil production late Tuesday and said that its third-quarter earnings more than doubled to $1.02 billion. The results were better than Wall Street analysts had forecast.
FULL story at link.
The facade of the New York Stock Exchange, Thursday, Oct. 2, 2014. European stock markets bounced back Wednesday Nov. 5, 2014 from the sell-off triggered by lower growth forecasts. Asian shares mostly fell and oil plumbed fresh lows. (AP Photo/Richard Drew)
Read more: http://apnews.excite.com/article/20141105/financial_markets-a264f6c037.html
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priced oil to keep U.S. produced oil low.
