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

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

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.

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.