Energy stocks lead an early market gain as oil price climbs

The Associated Press

U.S. stocks are opening higher, led by big gains in oil and gas companies as the price of crude moves higher.

NEW YORK (AP) — U.S. stocks are opening higher, led by big gains in oil and gas companies as the price of crude moves higher.

Drilling rig operator Transocean jumped 3 percent in early trading Wednesday, and Hess rose 4 percent.

Nike rose 3 percent, the most in the Dow Jones industrial average, after reporting earnings that were better than analysts were expecting.

The Dow was up 130 points, or 0.8 percent, to 17,545 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index climbed 12 points, or 0.6 percent, to 2,051. The Nasdaq composite increased 23 points, or 0.5 percent, to 5,023.

The price of crude oil rose 3 percent to $37 a barrel in New York.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.26 percent.

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