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US stocks jump following another surge in oil prices
(AP Photo/Richard Drew, File)

US stocks jump following another surge in oil prices

NEW YORK (AP) — U.S. stocks are climbing Friday morning as the price of oil jumps for the second time in three days. Energy companies are getting a boost and mining and metals companies are also posting gains. Retailers are struggling after some weak sales reports.

KEEPING SCORE: The Dow Jones industrial average rose 141 points, or 0.8 percent, to 17,683 as of 10:07 a.m. Eastern time. The Standard & Poor’s 500 index picked up 16 points, or 0.8 percent, to 2,058. The Nasdaq composite index regained 40 points, or 0.8 percent, to 4,888. The U.S. stock market is coming off its biggest loss in six weeks.

ENERGY: Benchmark U.S. crude rose $2.34, or 6.2 percent, to $39.58 a barrel in New York. Brent crude, used to price international oils, gained $2.10, or 5.3 percent, to $41.53 a barrel in London. The price of wholesale gasoline climbed 4 percent and heating oil rose 6 percent.

Chevron rose $1.57, or 1.7 percent, to $96.36. ConocoPhillips picked up $1.23, or 3.1 percent, to $41.54 and Transocean advanced 41 cents, or 5 percent, to $8.84.

FALLING INTO THE GAP: Gap plunged $3.25, or 11.7 percent, to $24.43 after it said all three of its big chains saw their sales drop in March. L Brands said it will restructure its Victoria’s Secret brand, and its stock lost $2.32, or 2.8 percent, to $81.82.

Nordstrom fell $2.22, or 4.2 percent, to $50.24 and Macy’s gave up $1.18, or 2.9 percent, to $39.44.

FEELING NO PAIN: Pain drug maker Depomed is rising after activist investment firm Starboard Value disclosed a 9.8 percent stake in the company, making it one of Depomed’s largest shareholders. Last year Horizon Pharma tried to buy Depomed for about $1.1 billion, or $33 per share, but Depomed fended off that effort and Horizon dropped it in November. The stock jumped $2.36, or 15.8 percent, to $17.36.

MAKING GLASS: Specialty glass maker Corning said it will buy optical components maker Alliance Fiber Optic Products for $18.50 per share, or $305 million. Alliance stock surged $2.98, or 19.3 percent, to $18.44. Corning edged up 15 cents to $20.81.

GOODBYE: Ruby Tuesday tumbled 61 cents, or 11.8 percent, to $4.61. The restaurant chain’s earnings were disappointing and it cut its forecasts. Also said its chief financial officer will leave the company.

MINNESOTA NICE: Clothing and tools supplier Duluth Holdings rose $3.15, or 17.7 percent, to $20.97 after reporting its fiscal fourth-quarter results.

BONDS, CURRENCIES: Bond prices fell. The yield on the 10-year U.S. Treasury note rose to 1.72 percent from 1.69 percent. The dollar edged up to 108.58 yen from 108.24 yen. The euro inched up to $1.1381 from $1.1377.

OVERSEAS: Stocks in Europe also rallied. France’s CAC 40 rose 1.3 percent and Germany’s DAX added 1.2 percent. In Britain, the FTSE 100 climbed 1 percent. Japan’s benchmark Nikkei 225 index finished 0.5 percent higher. South Korea’s Kospi dipped 0.1 percent. Hong Kong’s Hang Seng rose 0.5 percent.


AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jay

Yesterday: US stocks skid in early trading, oil prices slip.

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