Energy Stocks Lead a Broad Rally as the Price of Oil Soars

NEW YORK (AP) -

U.S. stocks made their biggest gain in more than a month on Friday as oil prices surged, lifting energy stocks. Tech stocks also climbed as Apple jumped the most since August.

Energy companies soared after the price of U.S. crude jumped 9 percent. Oil prices reached their lowest level in 12 years earlier this week, but they jumped the last two days.

The gain Friday, combined with a smaller increase the day before, gave the market its first weekly advance after three weeks of declines. It’s been a dismal start to the year so far, and on Wednesday the Dow& Jones& industrial average tumbled as much as 565 points before recouping some of its loss.

On Friday the Dow Jones industrial average rose 210.83 points, or 1.3 percent, to 16,093.51. The Standard & Poor’s 500 index had its best day since early December, gaining 37.91 points, or 2 percent, to 1,906.90. The Nasdaq composite index made its biggest gain since September, adding 119.12 points, or 2.7 percent, to 4,591.18.

For the week, the& Dow& rose 0.7 percent, the S&P 500 climbed 2 percent and the Nasdaq increased 2.3 percent.

European markets also rose Friday on hopes for more economic stimulus from the region’s central bank. In Japan, the Nikkei 225 index had its best day in four months as investors hoped the Bank of Japan will also step in.

In energy trading, U.S. crude rose $2.66 to $32.19 a barrel in New York. Brent crude, a benchmark for international oils, rose $2.93, or 10 percent, to $32.18 a barrel in London. U.S. oil climbed 21 percent over the last two days and it has recovered about half its losses from earlier in the year.

Apple, which has lost about a quarter of its value in the last six months, rose $5.12, or 5.3 percent, to $101.42. Microsoft gained $1.81, or 4 percent, to $52.29. Facebook added $3.78, or 4 percent.

France’s CAC 40 added 3.1 percent and Germany’s DAX rose 2 percent. Britain’s FTSE 100 climbed 2.2 percent.

Japan’s Nikkei 225 index rose 5.9 percent. Earlier this week the index entered a bear market, meaning it was down 20 percent from a recent peak. South Korea’s Kospi gained 2.1 percent and Hong Kong’s Hang Seng added 2.9 percent.

Telecommunications and utilities stocks also rose and turned positive for the year. They’re both up 1 percent while the other eight industrial sectors in the S&P 500 are much lower in 2016.

Gold and copper producer Freeport-McMoRan tumbled 39 cents, or 9.1 percent, to $3.94. Its shares have dropped 42 percent in 2016 after huge plunges the previous two years. The company has struggled as metals prices have fallen, and its decision a few years ago to invest in oil and gas came shortly before those prices also plunged.

In other energy trading, wholesale gasoline added 5.3 cents, or 5.1 percent, to $1.084 a gallon. Heating oil picked up 9.8 cents, or 10.9 percent, to 99.6 cents a gallon. Natural gas inched up to $2.139 per 1,000 cubic feet.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.05 percent from 2.03 percent.

The price of gold fell $1.90 to $1,096.30 an ounce and silver fell 3.7 cents to $14.06 an ounce. Copper rose 0.6 cents to $2.003 a pound.

The dollar rose to 118.78 yen from 117.50 on Thursday. The euro weakened on the prospect of further ECB stimulus. It fell to $1.0791 from $1.0875.