Dow at another record as oil price soars

Benchmark U.S. crude jumped 8 percent in New York after OPEC countries agreed to their first cutback in production in 8 years

FILE - This Aug. 24, 2015, file photo, shows the New York Stock Exchange (AP Photo/Seth Wenig, File).
FILE - This Aug. 24, 2015, file photo, shows the New York Stock Exchange (AP Photo/Seth Wenig, File).

NEW YORK (AP) – A surge in the price of oil is sending energy stocks sharply higher in midday trading, edging the Dow Jones industrial average up to another all-time high.

Benchmark U.S. crude jumped 8 percent in New York after OPEC countries agreed to their first cutback in production in eight years.

Among energy stocks, Marathon Oil jumped 22 percent and oil rig operator Transocean rose 16 percent.

Bank stocks also rose. Goldman Sachs helped drive the Dow higher with a gain of 3.8 percent.

The Dow rose 83 points, or 0.4 percent, to 19,202. The S&P 500 edged up 2 points, or 0.1 percent, to 2,207. The Nasdaq composite fell 31 points, or 0.6 percent, to 5,348.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.39 percent.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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