By September 16, 2015 Read More →

Energy stocks lead rally as the price of crude oil jumps

Energy stocks, Chevron, Exxon biggest gainers on Wednesday

Energy stocks

Energy stocks led stock market rally as the price of oil jumped almost 6 per cent on Wednesday.

NEW YORK¬†–¬†Energy stocks led a rally on the stock market as the price of oil turned sharply higher.

The price of oil jumped almost 6 per cent Wednesday following a drop in crude inventories last week that was much steeper than analysts were expecting.

Chevron and Exxon Mobil were among the biggest gainers in the Dow Jones industrial average.

Anheuser-Busch InBev jumped 7 per cent after the company made a takeover approach to SABMiller, the owner of Miller and Peroni. Other beer makers also rose.

The Dow gained 140 points, or 0.8 per cent, to close at 16,739.

The Standard & Poor’s 500 rose 17 points, or 0.9 per cent, to 1,995. The Nasdaq composite climbed 28 points, or 0.5 per cent, to 4,889.

The yield on the 10-year Treasury note held steady at 2.29 per cent.

The Canadian Press

Posted in: Energy Financial

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