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The United States flag hangs outside the New York Stock Exchange. (Image: Dan Nelson via Flickr)
The United States flag hangs outside the New York Stock Exchange. (Image: Dan Nelson via Flickr)

Surge in crude oil pushes energy, other stocks higher

NEW YORK (AP) — Energy stocks are leading an early rally on Wall Street after the price of crude oil surged.

Chevron jumped 2 percent in the opening minutes of trading Monday, one of the biggest gains in the Dow Jones industrial average.

The Dow jumped 184 points, or 1.1 percent, to 16,577 as of 9:45 a.m. Eastern time.

The Standard & Poor’s 500 index rose 23 points, or 1.2 percent, to 1,941. The Nasdaq composite rose 52 points, or 1.2 percent, to 4,557.

The price of U.S. crude oil soared 6 percent to $31 a barrel in New York.

Lumber Liquidators plunged 23 percent after the U.S. government said people exposed to some types of its laminate flooring were three times as likely to get cancer as it had originally predicted.

In related news, Global stocks gain as oil price extends recovery.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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