Markets Right Now: Stocks rise as energy companies surge

Posted on Friday, June 22nd, 2018 By The Associated Press

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

4:00 p.m.

U.S. stocks are closing higher Friday as oil prices and energy companies rallied. OPEC said it will produce more oil, but not as much as investors feared.

U.S. crude jumped 4.6 percent and Exxon Mobil advanced 2.1 percent.

Health care companies also rose while technology companies and banks fell.

The European Union imposed tariffs on $3.4 billion in U.S. exports, and President Donald Trump threatened to put a 20 percent tax on cars made in Europe.

The S&P 500 index rose 5 points, or 0.2 percent, to 2,754.

The Dow Jones Industrial Average broke an eight-day losing streak. It gained 119 points, or 0.5 percent, to 24,580. The Nasdaq composite lost 20 points, or 0.3 percent, to 7,692.

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12:00 p.m.

U.S. stocks are higher at midday Friday as oil and energy producers jump. OPEC producers agreed to produce more oil.

U.S. crude jumped 4.3 percent and Exxon Mobil advanced 2.8 percent.

Oil prices have dipped in the last few weeks as investors expected an increase in production.

The European Union is now enforcing tariffs on $3.4 billion in U.S. goods and President Donald Trump threatened a 20 percent tariff on European cars.

The Dow Jones industrials gained 165 points, or 0.7 percent, to 24,628. The 30 stock index is on an eight-day losing streak.

The S&P 500 index rose 11 points, or 0.4 percent, to 2,761. Technology companies fell and the Nasdaq composite lost 10 points to 7,702.

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9:35 a.m.

U.S. stocks are opening higher as oil and energy producers jump. OPEC producers are set to discuss boosting production.

U.S. crude jumped 2.9 percent Friday and Exxon Mobil advanced 2.1 percent.

Oil prices have dipped in the last few weeks as investors expected an increase in production.

The European Union is now enforcing tariffs on $3.4 billion in U.S. goods, a move investors anticipated.

The Dow Jones industrials gained 143 points, or 0.6 percent, to 24,602. The 30 stock index is on an eight-day losing streak, its longest in more than a year.

The S&P 500 index rose 13 points, or 0.5 percent, to 2,762 and the Nasdaq composite added 9 points to 7,722.

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