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

NEW YORK (AP) " 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 percent 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 percent surge in Murphy Oil.

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

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

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

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

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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 percent after getting a downgrade from UBS.

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

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

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

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

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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 percent, the biggest gain in the Standard & Poor's 500 index. Chesapeake Energy rose 2 percent.

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

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

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

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

This story has been automatically published from the Associated Press wire which uses US spellings

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