Markets Right Now: Stocks rise, oil up on tanker incident

Business
John Parisi

FILE- In this June 6, 2019, file photo specialist John Parisi, left, works with traders on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Thursday, June 13. (AP Photo/Richard Drew, File)

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NEW YORK (AP) — The latest on developments in financial markets (all times local):

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.

____

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.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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