Markets Right Now: US stocks open the year with solid gains

NEW YORK (AP) — The latest on developments in financial markets (All times local):

9:35 a.m.

The stock market opened the year on a strong note, led by big gains in banks and energy companies.

Major U.S. indexes were broadly higher in the first few minutes of trading Tuesday as markets reopened after the New Year’s Day holiday.

Marathon Petroleum rose 6 percent and oil rig operator Transocean climbed 4 percent in the first few minutes of trading.

The price of crude oil rose 2 percent to $55 a barrel.

The Dow Jones industrial average rose 162 points, or 0.8 percent, to 19,918.

The Standard & Poor’s 500 index gained 16 points, or 0.7 percent, to 2,254. The Nasdaq composite increased 38 points, or 0.7 percent, to 5,421.