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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Energy companies lead stock market higher

Associated Press

NEW YORK – Stocks closed at a new high for the year after a speech by Federal Reserve Chair Janet Yellen raised doubts over an interest rate hike this month.

Stock gains were led by energy companies as prices for oil and gas climbed.

Offshore rig operator Transocean jumped nearly 15 percent Monday and National Oilwell Varco rose almost 9 percent.

Crude oil rose 2.2 percent to just under $50 a barrel in New York. Natural gas prices also rose.

Banks also rose as long-term interest rates moved higher. JPMorgan Chase rose 1 percent.

The Dow Jones industrial average rose 113 points, or 0.6 percent, to 17,920. The Standard & Poor’s 500 climbed 10 points, or 0.5 percent, to 2,109. The Nasdaq composite added 26 points, or 0.5 percent, 4,969.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.73 percent.