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Markets Right Now: Stocks end higher, led by energy sector

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

4:00 p.m.

Stocks are closing solidly higher after energy companies soared along with the price of crude oil.

Energy stocks had their biggest one-day gain since January Wednesday after the price of crude jumped 5 per cent on reports that OPEC nations had agreed to production cuts.

Nine of the 10 biggest gainers in the Standard & Poor’s 500 index were energy companies, led by an 11 per cent surge in Murphy Oil.

Mattress maker Tempur Sealy plunged 22 per cent after delivering a weak forecast.

The Dow Jones industrial average rose 110 points, or 0.6 per cent, to 18,339.

The S&P 500 gained 11 points, or 0.5 per cent, to 2,171. The Nasdaq composite increased 12 points, or 0.2 per cent, to 5,318.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.57 per cent.

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11:45 a.m.

Stocks have given up and early gain and are turning lower in midday trading on Wall Street.

Phone companies and utilities fell the most Wednesday. AT&T slumped 2 per cent after getting a downgrade from UBS.

Mattress maker Tempur Sealy plunged 24 per cent after forecasting weak revenue for the year. Nike fell 3 per cent.

The Dow Jones industrial average fell 22 points, or 0.1 per cent, to 18,205.

The Standard & Poor’s 500 index lost 5 points, or 0.2 per cent, to 2,154. The Nasdaq composite was down 15 points, or 0.3 per cent, at 5,290.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.55 per cent.

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9:35 a.m.

Stocks are opening higher on Wall Street, with the biggest gains going to energy and materials companies.

Mining company Freeport-McMoRan rose 3 per cent, the biggest gain in the Standard & Poor’s 500 index. Chesapeake Energy rose 2 per cent.

Mattress maker Tempur Sealy plunged 22 per cent after forecasting weak revenue for the year.

The Dow Jones industrial average rose 42 points, or 0.2 per cent, to 18,271.

The Standard & Poor’s 500 index climbed 3 points, or 0.2 per cent, to 2,163. The Nasdaq composite gained 5 points, or 0.1 per cent, to 5,310.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.56 per cent.