Oil prices lift the market again as energy stocks rally
NEW YORK — U.S. stocks jumped Monday as the price of oil surged again, lifting energy stocks as well as mining and chemicals companies. Indexes in Europe and Asia also rose as investors hoped for stimulus to strengthen the economies of those regions and boost sales of energy, building materials and other goods.
The price of U.S. oil rose more than 6 percent after a group of oil-importing countries said energy stockpiles will grow at a slower pace. Metals companies Alcoa and Freeport-McMoRan climbed as investors hoped a stronger global economy will mean greater demand for their products. Amazon led a rally in consumer stocks.
The Dow Jones industrial average gained 228.67 points, or 1.4 percent, to 16,620.66. The Standard & Poor’s 500 index climbed 27.72 points, or 1.5 percent, to 1,945.50. The Nasdaq composite index added 66.18 points, or 1.5 percent, to 4,570.61.
This year stocks have moved up and down with the price of oil, which means they have mostly gone down. On Monday the International Energy Agency that it doesn’t expect oil prices to recover significantly until 2017, but it expects slower growth in global supplies.
Benchmark U.S. crude climbed $1.84, or 6.2 percent, to $31.48 a barrel in New York. Brent crude, which is used to price international oils, rose $1.68, or 5.1 percent, to $34.69 a barrel in London. The price of wholesale gasoline increased almost 6 percent and heating oil rose 3 percent.