Energy stocks led a rally on the stock market as the price of oil turned sharply higher. The Dow gained 140 points, or 0.8%, to close at 16,739 today. The Standard & Poor's 500 rose 17 points, or 0.9%, to 1,995. The Nasdaq composite climbed 28 points, or 0.5%, to 4,889. The price of oil jumped almost 6% following a drop in crude inventories last week that was much steeper than analysts were expecting.
Chevron and Exxon Mobil were among the biggest gainers in the Dow Jones industrial average. Anheuser-Busch InBev jumped 7% after the company made a takeover approach to SABMiller, the owner of Miller and Peroni. Other beer makers also rose. The yield on the 10-year Treasury note held steady at 2.29%.