U.S. stocks stretched their rally into the afternoon on Thursday as oil prices climbed and comments from a Federal Reserve policymaker warned on weak inflation.
At the close in New York, the Dow Jones Industrial Average (INDEXDJX:.DJI) rose 1.4% to 16,379, while the S&P 500 (INDEXSP:.INX) was up 1.7% at 1,922. The Nasdaq Composite (INDEXNASDAQ:.IXIC) advanced 2.0% to 4,615.
West Texas Intermediate settled at $31.20 a barrel, up $0.72, or 2.4%.
St. Louis Federal Reserve President James Bullard said a continued drop in inflation expectations may change his forecast for further Fed rate hikes.
GoPro (NASDAQ:GPRO) slid 14% to $12.55 after the company shocked markets with a fourth-quarter revenue shortfall and jobs-cut announcement.
J.P. Morgan (NYSE:JPM) advanced 2% to $58.48 after posting a fourth-quarter profit of $1.32 a share on revenue of $23.75 billion, beating expectations on both fronts. Shares rose 2.2%.
Best Buy (NYSE:BBY) dipped 9% to $26.60 as the retailer lowered its sales outlook for the current quarter after weak mobile-phone sales hurt holiday results.
US open
Wall Street opened higher on Thursday as oil futures rebounded.
At 11:26 a.m. in New York, the Dow Jones Industrial Average (INDEXDJX:.DJI) rose 1% to 16,311.15, while the S&P 500 (INDEXSP:.INX) was up 0.8% at 1,905.11. The Nasdaq Composite (INDEXNASDAQ:.IXIC) advanced 0.5% to 4,550.75.
The rally was led by energy shares. Exxon Mobil (NYSE:XOM) advanced 4.1% to $78.75 and Chevron (NYSE:CVX) gained 3.3% to $84.01.
The Dow has slumped in nine of the last 13 sessions through Wednesday and has dclined 6% so far in 2016.
February West Texas Intermediate crude rose 3.5% to trade at $31.54 on the New York Mercantile Exchange. February Brent crude gained 2.2% to $30.99 a barrel.
Shares of J.P. Morgan Chase (NYSE:JPM) rose 2% to $58.44 after the investment bank said quarterly profits rose thanks in part to higher earnings within its investment-banking division.
US Pre-Market
After the turmoil yesterday, US shares are poised for a lower start today as oil market worries persist.
The broad-based S&P500 index closed 38 points down or 1.7% lower on Wednesday as the price of a barrel of crude fell below the US$30 mark for the first time in over 12 years.
Futures for US crude, or West Texas Intermediate, settled up 0.13% at $30.48 a barrel, whille Brent crude settled at $30.31 a barrel, which was the first close below its US counterpart since last year.
The latest data showed US crude stocks at a level not seen for 80 years.
The benchmark Dow Jones Industrial Index finished a whopping 364 points down at 16,151, while the Nasdaq finished 150 points lower at 4,183 as the sell-off in markets continues unabated.
Dow futures at the time of writing are down three; Nasdaq futures are around nine points lower, while S&P500 is about flat - down one point.
In London, the FTSE100 is currently down 1.87% at 5,894, while the spot US oil is up a tad at US$30.76 a barrel - 0.98% higher.
The Shanghai Composite Index in China finished 58 points higher, at 3,008.