NEW YORK (AP) — The Dow Jones industrial average pushed above 13,000 in morning trading Friday after a measure of consumer sentiment came in stronger than analysts had expected.
The Dow rose 28 points to 13,011. That’s an increase of 0.2 percent. United Technologies Corp. is the average’s leading stock, up nearly 1 percent.
In other trading, the S&P 500 index added 4 points to 1,367. Nine of the 10 industries within the index were higher, with energy companies leading the way.
Oil prices hit new nine-month highs above $108 a barrel with fresh signs that the U.S. economy, the world’s largest, is gaining strength. The price of oil has jumped 10 percent this month as tensions mount over Iran’s nuclear program.
The Nasdaq composite index rose 9 points, or 0.3 percent, to 2,965.
Among stocks making big moves in early trading:
— Gap Inc. fell 4.2 percent, the most of any stock in the S&P 500. The clothing retailer reported a 40 percent plunge in quarterly profit after the market closed Thursday. Gap said higher costs and deep discounts weighed on its revenue.
— Alpha Natural Resources lost 2.7 percent after posting a quarterly loss. Analysts had expected a profit.
— Kenneth Cole Production Inc. soared 20 percent to $15.71 on news that Kenneth Cole is offering to buy the rest of the company. Cole currently holds about 47 percent of the company and has offered would give stockholders $15 per share, a 15 percent premium to the company’s Thursday closing price.