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Markets Right Now: Dow at another record as oil price soars

NEW YORK, N.Y. – The latest on developments in financial markets (All times local):

11:45 a.m.

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 per cent in New York after OPEC countries agreed to their first cutback in production in eight years.

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

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

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

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

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9:35 a.m.

Soaring oil prices are sending energy stocks sharply higher in early trading, edging the Dow Jones industrial average up to another all-time high.

The price of benchmark U.S. crude jumped 6 per cent in New York early Wednesday after OPEC countries moved close to finalizing a deal to reduce production.

Among energy companies, Devon Energy jumped 13.8 per cent, the biggest gain in the Standard & Poor’s 500 index.

Banks also rose sharply after President-elect Donald Trump’s pick for treasury secretary, Steven Mnuchin, said interest rates would rise. That would make lending more profitable for banks.

The Dow rose 69 points, or 0.4 per cent, to 19,188. The S&P 500 climbed 8 points, or 0.4 per cent, to 2,213. The Nasdaq composite edged up 7 points, or 0.1 per cent, to 5,387.