Oil Prices Lift the Market Again as Energy Stocks Rally
NEW YORK – Energy stocks led a rally on Wall Street as the price of crude oil surged.
Marathon Oil jumped 11 percent Monday, and Diamond Offshore Drilling gained 5 percent.
The Dow Jones industrial average jumped 228 points, or 1.4 percent, to 16,620.
The Standard & Poor’s 500 index rose 27 points, or 1.4 percent, to 1,945. The Nasdaq composite rose 66 points, or 1.5 percent, to 4,570.
The price of U.S. crude oil soared 6 percent to $31 a barrel in New York.
Lumber Liquidators plunged 20 percent after the U.S. government said people exposed to some types of its laminate flooring were three times as likely to get cancer as it had originally predicted.