Markets Right Now: Energy Stocks Lead an Early Gain – ABC News

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The Latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are higher on Wall Street, led by gains in energy companies which rose along with the prices of oil and natural gas.

Chesapeake Energy rose 3 percent early Tuesday and Hess rose 2 percent.

Several companies gain ground on earnings and buyback news.

International Flavors and Fragrances rose 2.5 percent early Tuesday after reporting profits that beat Wall Street analysts’ expectations, and Botox maker Allergan jumped 6 percent after announcing a stock buyback.

The Dow Jones industrial average rose 92 points, or 0.5 percent, to 17,800. The Standard & Poor’s 500 index climbed nine points, or 0.5 percent, to 2,068. The Nasdaq composite index added 16 points, or 0.4 percent, to 4,766.

Bond prices fell. The yield on the 10-year U.S. Treasury note rose to 1.76 percent.


11:10 a.m.

European stock markets are posting solid gains after a positive session in Asia in the wake of Chinese inflation data that eased worries over falling prices in the world’s number 2 economy.

Mike van Dulken, head of research at Accendo Markets, says the inflation data have “gone some way to offset the market fears” that dragged markets lower Monday when soft Chinese trade data weighed on global stocks.

Germany’s DAX is up 1 percent at 10,080 while the CAC-40 in France has risen 1.1 percent to 4,369. The FTSE 100 index of leading British shares is 0.9 percent higher at 6,168.

Earlier, Asian stock markets broadly advanced. Japan’s Nikkei 225 index was the strongest performer, closing 2.2 percent higher as the dollar continued to rise against the yen. The lower currency is a potential boon to Japan’s exporters.