NEW YORK | Energy stocks are leading a rally on Wall Street as the price of crude oil surges.
Kinder Morgan jumped 9 percent in midday trading Friday, and several other energy companies also rose sharply.
The price of oil jumped 7 percent to over $31 a barrel.
American Express sank 13 percent after saying it would slash spending to cope with the negative effect of the rising dollar.
The Dow Jones industrial average gained 123 points, or 0.8 percent, to 16,004 as of 11:45 a.m. Eastern time.
The Standard & Poor’s 500 index rose 25 points, or 1.3 percent, to 1,893. The Nasdaq composite climbed 79 points, or 1.8 percent, to 4,551.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.06 percent.