Rising oil lifts energy companies and stock market; Dow up 190
By The Associated Press
Posted 4:37PM on Friday, January 16, 2015
NEW YORK (AP) -- Energy companies are fueling a rally that snapped a five-day losing streak for the stock market Friday.<br />
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The surge in energy shares followed a sharp rise in oil prices. The International Energy Agency predicted drillers would reduce production this year and that lower prices would draw demand for crude.<br />
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U.S. crude jumped $2.44, or 5 percent, to close at $48.69 a barrel.<br />
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The Standard & Poor's 500 index jumped 26 points, or 1.3 percent, to finish at 2,019. Energy companies rose the most among the 10 sectors to the index, surging 3.2 percent.<br />
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The Dow Jones industrial average climbed 190 points, or 1.1 percent, to end at 17,511, helped by a 2.4 percent rise in Chevron Corp.<br />
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The Nasdaq rose 63 points, or 1.4 percent, to end at 4,634.
