Markets

Energy stocks lead rally as price of crude surges

January 22, 2016 / 10:31 AM EST / AP

NEW YORK - Energy stocks are leading an early rally on Wall Street as the price of crude oil surges.

Marathon Oil surged 14 percent in early trading Friday, and several other energy companies also rose sharply

The price of oil jumped 6 percent to just over $31 a barrel.

American Express sank 9 percent after saying it would slash spending to cope with the negative effect of the rising dollar.

The Dow Jones industrial average gained 238 points, or 1.5 percent, to 16,120 at 10:27 a.m. ET.

The Standard & Poor's 500 index rose 36 points, or 1.9 percent, to 1,905. The Nasdaq composite climbed 103 points, or 2.3 percent, to 4,575.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.07 percent.