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Markets Right Now: Energy companies lead stock market higher

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

4:00 p.m.

Stocks closed at a new high for the year after a speech by Federal Reserve Chair Janet Yellen raised doubts over an interest rate hike this month.

Stock gains were led by energy companies as prices for oil and gas climbed.

Offshore rig operator Transocean jumped nearly 15 per cent Monday and National Oilwell Varco rose almost 9 per cent.

Crude oil rose 2.2 per cent to just under $50 a barrel in New York. Natural gas prices also rose.

Banks also rose as long-term interest rates moved higher. JPMorgan Chase rose 1 per cent.

The Dow Jones industrial average rose 113 points, or 0.6 per cent, to 17,920. The Standard & Poor’s 500 climbed 10 points, or 0.5 per cent, to 2,109. The Nasdaq composite added 26 points, or 0.5 per cent, 4,969.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.73 per cent.

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11:45 a.m.

Stocks are solidly higher on Wall Street, led by gains in energy companies as prices for oil and gas climb.

Offshore rig operator Transocean jumped 11 per cent in midday trading Monday and National Oilwell Varco rose 7 per cent.

Crude oil rose 2 per cent to just under $50 a barrel in New York. Natural gas prices also rose.

Banks also rose as long-term interest rates moved higher. JPMorgan Chase rose 1.6 per cent.

The Dow Jones industrial average rose 115 points, or 0.7 per cent, to 17,923. The Standard & Poor’s 500 climbed 10 points, or 0.5 per cent, to 2,109. The Nasdaq composite added 22 points, or 0.5 per cent, 4,965.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.73 per cent.

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9:35 a.m.

Stocks are rising in early trading on Wall Street, led by gains in energy companies as prices for oil and gas climb.

Chesapeake Energy climbed 2.6 per cent in the first few minutes of trading Monday and Southwestern Energy rose 2.4 per cent.

The price of benchmark U.S. crude oil rose 1.8 per cent to just under $50 a barrel in New York. Natural gas prices also rose.

The Dow Jones industrial average gained 51 points, or 0.3 per cent, to 17,859. The Standard & Poor’s 500 edged up 2 points, or 0.1 per cent, to 2,101. The Nasdaq composite added 5 points, or 0.1 per cent, 4,947.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.73 per cent.