US stocks rise as oil price recovery continues; tech jumps

January 28, 2016

NEW YORK (AP) — Stocks closed higher as energy and technology companies gained ground.

The price of oil climbed for the third day in a row Thursday as key oil-producing nations discuss cuts in production.

Facebook soared 16 percent after reporting big gains in subscribers and profits. That lifted other technology stocks.

Biotech stocks fell after Massachusetts began investigating drug prices. Celgene gave back 5 percent and Gilead Sciences moved down 2 percent.
The Dow Jones industrial average rose 125 points, or 0.8 percent, to 16,069.

The Standard & Poor’s 500 index climbed 10 points, or 0.6 percent, to 1,893. The Nasdaq composite rose 38 points, or 0.9 percent, to 4,506.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.99 percent.