Stocks bounced between small gains and losses in afternoon trading Wednesday, a day after the Dow Jones industrial average had its longest losing streak since August.
Exxon Mobil Corp. rose 1.4 percent after oil prices spiked above $101 per barrel. Energy companies in the Standard & Poor’s 500 index rose 1 percent, the most of any industry group.
The oil price jump came after OPEC ministers made an unexpected decision to keep output at current levels. Investors had been hoping the cartel would increase output, which would have pushed down the price of crude.
Signs that U.S. supplies were tightening also pushed up oil prices. The American Petroleum Institute said late Tuesday that U.S. crude inventories fell more than expected
