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November 7, 2017

Stocks rise as oil jumps to 2-year high

By MARLEY JAY
AP Markets Writer

NEW YORK — U.S. stocks made modest gains and set more records Monday as upheaval in oil-rich Saudi Arabia sent crude prices to two-year highs. Chipmakers and media companies climbed on deal reports while phone and household goods companies sank.

U.S. crude oil reached its highest price since mid-2015 after dozens of Saudi princes and senior officials and businessmen were arrested as part of a purported corruption investigation. Saudi Arabia is the world's largest exporter of oil, and investors wondered if the tumult could constrict oil supplies and drive prices higher. Energy companies jumped, with drilling companies making some of the biggest gains.


 
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