US stocks rise as surge in oil prices lifts energy companies

NEW YORK (AP) — U.S. stocks are mostly higher in trading today as the price of oil jumps for the second time in three days. Energy companies are getting a boost. Retailers are struggling after some weak sales reports, and drug companies are losing ground.

The Dow Jones industrial average picked up 57 points, or 0.3 percent, to 17,599 as of 2:40 p.m. Eastern time. The Standard & Poor's 500 index edged up 7 points, or 0.3 percent, to 2,049. The Nasdaq composite index gained 6 points, or 0.1 percent, to 4,855.

Stocks are coming off their biggest loss in six weeks and started the day with big gains. Early in the day the Dow rose as much as 152 points.

Benchmark U.S. crude rose $2.04, or 5.5 percent, to $39.30 a barrel in New York. Brent crude, used to price international oils, gained $2.22, or 5.6 percent, to $41.65 a barrel in London. Oil gains this week have reversed a drop of almost seven percent last week.

The price of wholesale gasoline climbed 5.5 percent and heating oil rose 6.5 percent today.

Chevron rose $1.38, or 1.5 percent, to $96.17. ConocoPhillips picked up 97 cents, or 2.4 percent, to $41.28 and Murphy Oil advanced $1.35, or 5.5 percent, to $25.79.