Stocks rise as price of oil goes up

Stocks are opening higher amid optimism over global economic growth and corporate earnings.

Energy jumped Wednesday as U.S. crude oil rose to $55 a barrel, its highest price since February. Concho Resources rose 5.6% and Marathon Oil rose 2.6%.

Stocks headed higher after an ADP survey showed that private businesses added 235,000 jobs in October, a solid result.

Cosmetics giant Estee Lauder rose 5.9% after a strong quarterly report.

The Standard & Poor’s 500 index rose 10 points, or 0.4%, to 2,585, inching further into record heights.

The Dow Jones industrial average rose 99 points, or 0.4%, to 23,476. The Nasdaq composite is up 27 points, or 0.4%, to 6,755.

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