NEW YORK (AP) – U.S. stocks are rising on a pickup in factory output and a recovery in the price of oil. The market was on track for its third gain in a row. Companies including Priceline and Garmin are climbing after posting strong quarterly results.
KEEPING SCORE: The Dow Jones industrial average rose 187 points, or 1.2 percent, to 16,383 as of 10:22 a.m. Eastern time. The Standard & Poor’s 500 index gained 23 points, or 1.2 percent, to 1,918. The Nasdaq composite added 68 points, or 1.5 percent, to 4,502.
OIL REBOUNDS: The price of oil recovered as investors again hoped for an international deal that will cap or cut production. Several OPEC nations are in talks about a freeze, but Iran said Wednesday it won’t stop increasing its exports.
Crude prices fell Tuesday after Russia and Saudi Arabia agreed to keep oil production at January’s levels, but the deal will only take effect if other OPEC nations agree to it. Iran wants to raise output following the lifting of sanctions.
U.S. crude rose 79 cents, or 2.7 percent, to $29.83 a barrel in New York and Brent crude, a benchmark for international oils, gained $1.05, or 3.3 percent, to $33.23 a barrel in London.