Markets Right Now: Dow at another record as oil price soars

Markets Associated Press

The latest on developments in financial markets (All times local):

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9:35 a.m.

Soaring oil prices are sending energy stocks sharply higher in early trading, edging the Dow Jones industrial average up to another all-time high.

The price of benchmark U.S. crude jumped 6 percent in New York early Wednesday after OPEC countries moved close to finalizing a deal to reduce production.

Among energy companies, Devon Energy jumped 13.8 percent, the biggest gain in the Standard & Poor's 500 index.

Banks also rose sharply after President-elect Donald Trump's pick for treasury secretary, Steven Mnuchin, said interest rates would rise. That would make lending more profitable for banks.

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The Dow rose 69 points, or 0.4 percent, to 19,188. The S&P 500 climbed 8 points, or 0.4 percent, to 2,213. The Nasdaq composite edged up 7 points, or 0.1 percent, to 5,387.