The Standard & Poor’s 500 Index rose 0.4 percent to 1,370.43 at 3:38 p.m. in New York after climbing as much as 0.8 percent earlier. The Dow Jones Industrial Average was little changed, wiping out a 81 point rally. Crude surged 2.5 percent to $109.73 in electronic trading and jumped as high as $110.55. Treasuries remained lower, with the yield on the 10-year note climbing five basis points to 2.03 percent.
Analysts including Hamza Khan of Schork Group and John Kilduff of Again Capital LLC attributed the surge in oil prices to speculation that a pipeline in Saudi Arabia had exploded. Earlier gains came amid a rally in financial shares as borrowing costs declined for Spain and France, while government data showed that jobless claims matched a four-year low.
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