US stocks join global rally as energy prices jump again

NEW YORK (AP) — U.S. stocks are jumping Friday morning as a rally that started in Asia reaches America and energy prices continue to climb from their recent lows, lifting oil and gas stocks.

The Dow Jones industrial average gained 233 points, or 1.5 percent, to 16,115 as of 10:20 a.m. Eastern time. The Standard & Poor’s 500 index rose 36 points, or 1.9 percent, to 1,904. The Nasdaq composite climbed 104 points, or 2.3 percent, to 4,576.

U.S. crude oil rose $2.15, or 7.4 percent, to $31.68 a barrel in New York. That’s its highest price in about two weeks. Brent crude, a benchmark for international oils, added $2.39, or 8.1 percent, to $31.59 a barrel in London. Oil has dropped to its lowest price in about 12 years

Wholesale gasoline rose 4.4 percent to $1.08 a gallon and heating oil climbed 7.9 percent to 97 cents a gallon.