Rising oil lifts energy companies and stock market
NEW YORK (AP) - Energy companies are fueling a rally that snapped a five-day losing streak for the stock market.
The surge in energy shares Friday 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.
U.S. crude jumped $2.44, or 5 percent, to close at $48.69 a barrel.
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.
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.
The Nasdaq rose 63 points, or 1.4 percent, to end at 4,634.
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