As oil prices rise, so does market
NEW YORK (AP) – U.S. stocks made their biggest gain in more than a month on Friday as oil prices surged, lifting energy stocks. Tech stocks also climbed as Apple jumped the most since August.
Energy companies soared after the price of U.S. crude jumped 9 percent. Oil prices reached their lowest level in 12 years earlier this week, but they jumped the last two days.
The gain Friday, combined with a smaller increase the day before, gave the market its first weekly advance after three weeks of declines. It’s been a dismal start to the year so far, and on Wednesday the Dow Jones industrial average tumbled as much as 565 points before recouping some of its loss.