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Markets Right Now: Dow industrials pull back from a record

Posted November 30

— The latest on developments in financial markets (All times local):

4:00 p.m.

Stocks ended mostly lower on Wall Street as gains in blue-chip energy companies and banks were not enough to make up for losses in the broader market.

Utilities and phone companies fell the most Wednesday.

The Dow Jones industrial average pulled back from a record high and ended slightly higher thanks to big jumps in Goldman Sachs and DuPont.

Oil stocks climbed after OPEC nations agreed to cut production for the first time in eight years. Banks rose as bond yields climbed.

The Dow edged up 1 point to 19,123. The Standard & Poor's 500 index fell 5 points, or 0.3 percent, to 2,198. The Nasdaq composite fell 56 points, or 1.1 percent, to 5,323.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.38 percent.

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11:45 a.m.

A surge in the price of oil is sending energy stocks sharply higher in midday trading, edging the Dow Jones industrial average up to another all-time high.

Benchmark U.S. crude jumped 8 percent in New York after OPEC countries agreed to their first cutback in production in eight years.

Among energy stocks, Marathon Oil jumped 22 percent and oil rig operator Transocean rose 16 percent.

Bank stocks also rose. Goldman Sachs helped drive the Dow higher with a gain of 3.8 percent.

The Dow rose 83 points, or 0.4 percent, to 19,202. The S&P 500 edged up 2 points, or 0.1 percent, to 2,207. The Nasdaq composite fell 31 points, or 0.6 percent, to 5,348.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.39 percent.

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9:35 a.m.

Soaring oil prices are sending energy stocks sharply higher in early trading, edging the Dow Jones industrial average up to another all-time high.

The price of benchmark U.S. crude jumped 6 percent in New York early Wednesday after OPEC countries moved close to finalizing a deal to reduce production.

Among energy companies, Devon Energy jumped 13.8 percent, the biggest gain in the Standard & Poor's 500 index.

Banks also rose sharply after President-elect Donald Trump's pick for treasury secretary, Steven Mnuchin, said interest rates would rise. That would make lending more profitable for banks.

The Dow rose 69 points, or 0.4 percent, to 19,188. The S&P 500 climbed 8 points, or 0.4 percent, to 2,213. The Nasdaq composite edged up 7 points, or 0.1 percent, to 5,387.

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