Dow jumps 270 points, trades at session peak in early action as oil rallies
The Dow Jones Industrial Average traded near session highs in early Wednesday action, buoyed by a rally in crude-oil prices, which were sparking a rally in energy-related shares. The Dow was up 264 points, or 1.1%, at 24,620, supported by gains in components Exxon Mobil Corp. and Chevron Corp. , while the S&P 500 index climbed 1.2% at 2,722, and the Nasdaq Composite Index advanced 1% at 7,468. The climb for the three main equity benchmarks followed a rout in the previous session that had been fueled by concerns that political turmoil in Italy might spill over to the rest of the eurozone and threaten the integrity of Europe's shared currency, the euro, and the European Union. Early, Wednesday a rise in crude-oil pries, notably West Texas Intermediate oil traded on the New York Mercantile Exchange for June was helping boost energy-related names on reports that the Organization of the Petroleum Exporting Countries and major oil producer Russia may not be too hasty in dialing up crude production, a fear that had dragged oil prices off 3 1/2-year highs in the prior sessions.