Oil swings higher, lifting energy companies and stock market

EnergyAssociated Press

Oil and gas companies are lifting the U.S. stock market at midday as the price of oil swings higher.

The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 2,000, as of 11:55 a.m. Energy companies led eight of the index's 10 sectors to gains, surging 2 percent. Oil and gas producer Newfield Exploration rose the most in the index, gaining 7 percent

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U.S. crude oil gained $1.08 a barrel, or 2.3 percent, to $47.33

The Dow Jones industrial average climbed 31 points, or 0.2 percent, to 17,351, while the Nasdaq composite added 19 points, or 0.4 percent, to 4,590.

The S&P 500, a widely used benchmark for U.S. investment funds, has fallen 2 percent this week, putting it on course for its third straight weekly loss.