Major indexes set records as energy companies surge

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ENERGY COMPANIES: Higher oil prices mean more revenue for companies that extract or sell oil, and energy companies made big gains Wednesday morning. Exxon Mobil picked up $1.65, or 1.9 per cent, to $87.55 and Chevron rose $2.59, or 2.4 per cent, to $111.93. Devon Energy climbed $5.31, or 12.6 per cent, to $47.47.

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BANKS: Banks rose as members of President-elect Donald Trump’s economic team discussed ways to make it easier for banks to lend more money, which could lead to larger profits for financial institutions. Steven Mnuchin, Trump’s proposed nominee for Treasury secretary, said the administration wants to make changes to the 2010 Dodd-Frank law because it makes it harder for banks to lend. The law was passed to prevent another financial crisis, but critics say it went too far and stopped banks from making loans that people and businesses need to spend and hire.

JPMorgan Chase added $1.13, or 1.4 per cent, to $80.05. Goldman Sachs rose $6.25, or 3 per cent, to $218 and Fifth Third Bancorp gained 69 cents, or 2.7 per cent, to $26.08.

BONDS: Bond prices fell. The yield on the 10-year Treasury note jumped to 2.39 per cent from 2.29 per cent, its highest level since mid-2015. Bond yields are linked to higher interest rates.

High-dividend stocks slumped. Investors who want income tend to buy those stocks when bond yields are low and then sell them again when bond yields rise.

Utilities, real estate investment trusts and phone companies took the largest losses on the market. Duke Energy lost $1.82, or 2.4 per cent, to $74.55. Mall operator Simon Property Group gave up $2.13, or 1.2 per cent, to $180.17.

CURRENCIES: The dollar rose. It climbed to 113.47 yen from 112.33 yen. The euro fell to $1.0600 from $1.0647.

OVERSEAS: France’s CAC 40 was up 0.9 per cent, as was the FTSE 100 in Britain. Germany’s DAX gained 0.4 per cent. Japan’s benchmark Nikkei 225 was flat and the Kospi of South Korea gained 0.3 per cent. In Hong Kong, the Hang Seng gained 0.2 per cent.

Marley Jay, The Associated Press