NEW YORK (AP) ? Shares of Chevron Corp. reached an all-time high and other oil companies rose after the Federal Reserve outlined an aggressive program for helping the nation's sluggish economy.
The Fed's multi-step plan is designed to make it cheaper for consumers and businesses to borrow and spend money, which investors are betting will strengthen the economy. In turn, the stronger economy should increase demand for oil and other energy products.
The Fed said it will spend $40 billion a month to buy mortgage bonds for as long as it deems necessary to make home buying more affordable. It plans to keep short-term interest rates at record lows through mid-2015 and it's ready to try other measures if hiring doesn't improve.
Investors embraced the news. Benchmark oil prices increased $1.30 to finish at $98.31 per barrel in New York, its highest level since early May. Stock markets also surged.
Chevron's shares rose $2.08 to finish at $116.56 after hitting an all-time high of $116.97 earlier in the session.
Exxon Mobil gained $1.68, or 2 percent, to end at $91.23, the highest level since May 2008.
In other trading, BP PLC increased $1.04, or 2.4 percent, to end at $43.62; Royal Dutch Shell PLC rose $1.51, or 2.1 percent, to $73.24; and ConocoPhillips gained $1.11, or 2 percent, to $57.65.
Source: http://news.yahoo.com/shares-oil-producers-rise-feds-plan-203726405--finance.html
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