Energy companies drive stock market higher in early trading [Los Angeles Times (CA)]
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Source: Los Angeles Times
Energy companies drive stock market higher in early trading Stocks are opening slightly higher as energy companies rise with oil prices. Facebook was down on the news that the founders of the social media company’s Instagram app are leaving. Benchmark U.S. crude rose 0.7% to $732.59 a barrel, its highest in about three months. Chevron gained 1%. Facebook fell 2.5% after Instagram founders Kevin Systrom and Mike Krieger said they were “ready for their next chapter.” Facebook acquired the wildly popular photo-sharing app for $1 billion six years ago and it has been a big driver of revenue growth. Interest rates neared their highest levels of the year as the Federal Reserve is expected to raise interest rates Wednesday. The S&P 500 index added 2 points, or 0.1%, to 2,921. The Dow Jones Industrial Average rose 51 points, or 0.2%, to 26,613. The Nasdaq composite dipped 1 point to 7,991. Bond prices continued to fall. The yield on the 10-year Treasury rose to 3.10%. Stocks are opening sligh
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