News

Markets Right Now: Energy sector leads gains on Wall Street

NEW YORK, N.Y. – The Latest on global financial markets (all times local):

11:45 a.m.

Stocks are moving higher on Wall Street, led by gains in energy companies as the price of crude oil rises sharply.

Marathon Oil jumped 6 per cent in midday trading Monday and offshore driller Transocean rose 5 per cent.

U.S. benchmark crude oil rose 3 per cent to almost $48 a barrel in New York after analysts at Goldman Sachs said the oil market has gone from oversupply to deficit far more quickly than expected.

Apple rose 4 per cent after Warren Buffett’s Berkshire Hathaway disclosed it had taken a stake in the company.

The Dow Jones industrial average rose 150 points, or 0.9 per cent, to 17,685. The Standard & Poor’s 500 index rose 17 points, or 0.9 per cent, to 2,064. The Nasdaq composite index gained 53 points, or 1.1 per cent, to 4,771.

___

9:35 a.m.

Stocks are opening higher on Wall Street, led by gains in energy companies as the price of crude oil rises sharply.

Marathon Oil jumped 6 per cent early Monday and offshore driller Transocean rose 5.7 per cent.

U.S. benchmark crude oil rose 3 per cent to almost $48 a barrel in New York after analysts at Goldman Sachs said that there was no longer an excess of supplies.

Apple rose 2 per cent after Warren Buffett’s Berkshire Hathaway disclosed it had taken a stake in the company.

The Dow Jones industrial average rose 57 points, or 0.3 per cent, to 17,591. The Standard & Poor’s 500 index rose six points, or 0.3 per cent, to 2,052. The Nasdaq composite index gained 17 points, or 0.4 per cent, to 4,735.

___

10:30 a.m.

European stocks edged lower after weak industrial data from China, but trading volumes were thin due to a bank holiday in several countries.

Britain’s FTSE 100 was down 0.2 per cent at 6,125, while France’s CAC 40 was 0.8 per cent lower at 4,287. Germany’s market remained closed for the Whit Monday holiday.

Futures augured a steady open on Wall Street, with both Dow and S&P 500 futures up 0.1 per cent.

Chinese government data showed factory output in April was weaker than expected, fueling concern that a possible economic rebound supported by government stimulus might be faltering

The price of oil, however, continued its weeks-long recovering, with the U.S. benchmark contract up 86 cents at $47.07 a barrel in electronic trading. The international benchmark, Brent was up 87 cents at $48.70.