US stocks rise in midday trade; Devon Energy jumps

U.S. stocks are rising as energy prices turn higher.

Devon Energy jumped 9 percent in midday trading Wednesday and Chesapeake Energy rose 6 percent. Both reported earnings that were better than Wall Street analysts were expecting.

The Standard & Poor’s 500 index rose eight points, or 0.4 percent, to 2,020 as of 11:55 a.m. Eastern time.

The Dow Jones industrial average rose 74 points, or 0.4 percent, to 17,457. The Nasdaq composite gained three points, or 0.1 percent, to 4,626.

U.S. crude oil rose $1.06 to $78.25 a barrel in New York. It was the first gain for the price of oil in five days.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.36 percent.