US close: Stocks close higher on oil price recovery
US stocks closed higher on Thursday as a recovery in oil prices boosted the energy sector.
The Dow Jones Industrial Average rose 1.41%, the Nasdaq increased 1.96% and the S&P 500 edged up 1.68%.
At 2100 GMT, West Texas Intermediate crude gained 1.9% to $31.09 per barrel and Brent climbed 2.2% to $31.00 per barrel.
Oil prices plunged in the previous session after data showed US crude oil and refined products hit record highs, adding to worries about an oversupply in the market.
Inventories of gasoline increased by 8.4m barrels in the week to 8 January, following a 10.6m barrel build the previous week, higher than expectations for a 1.6m build, the Energy Information Administration revealed.
“A depressed oil price remains hindered by global oversupply and the prospect of it getting worse as Iran returns to market, while China jitters continue to shake everything from commodities to financials,” said Mike van Dulken, head of research at Accendo Markets.
In economic data, initial jobless claims rose to 284,000 in the week to 9 January from 277,000 the previous week, missing expectations of 275,000, the Labor Department revealed.
Continuing claims for the week ended 2 January rose to 2.263m, the second consecutive weekly increase of 29,000. It follows the previous reading of 2.234m and compares to analysts’ estimate of 2.21m.
The import price index slid 8.2% in December compared to year ago, following a 9.5% decrease in November. Analysts had predicted an 8.4% fall.
“This report shows that the downward trend in import prices remains solidly in place,” Barclays Research warned. “We expect import prices to decline further over the medium term as the effects of past dollar appreciation continue to weigh on prices.”
The dollar fell 0.04% against the pound, rose 0.12% against the euro and increased 0.35% against the yen.
In company news, JPMorgan Chase & Co. shares advanced after it posted a 10.2% rise in fourth quarter profit, surpassing expectations as expenses fell.
Best Buy slumped after the retailer lowered its sales outlook for the current quarter amid weak mobile-phone sales.
Goldman Sachs climbed following a report in The Wall Street Journal that the investment bank plans to cut up to 10% of its fixed-income traders and salespeople.
GoPro shares plunged after the camera manufacturer posted a shortfall in fourth quarter revenues and announced plans to cut 7% of its workforce.
S&P 500 - Risers
Williams Companies Inc. (WMB) $18.32 +34.61%
Freeport-McMoRan Inc (FCX) $4.20 +12.43%
ONEOK Inc. (OKE) $22.78 +8.63%
United States Steel Corp. (X) $7.29 +8.16%
Transocean Ltd. (RIG) $10.55 +7.54%
NRG Energy Inc. (NRG) $10.47 +6.62%
AbbVie Inc (ABBV) $54.56 +6.60%
Murphy Oil Corp. (MUR) $18.42 +6.47%
TEGNA Inc (TGNA) $24.29 +6.21%
Marathon Oil Corp. (MRO) $9.07 +6.21%
S&P 500 - Fallers
Best Buy Co. Inc. (BBY) $26.42 -9.69%
CONSOL Energy Inc. (CNX) $5.61 -7.27%
GameStop Corp. (GME) $25.58 -5.05%
Range Resources Corp. (RRC) $23.14 -3.22%
Under Armour Inc. Class A (UA) $69.78 -2.91%
Borg Warner Inc. (BWA) $32.87 -2.87%
Express Scripts Holding Co (ESRX) $77.50 -2.75%
Macy's Inc. (M) $37.62 -2.64%
Qorvo, Inc. (QRVO) $39.42 -2.40%
Whole Foods Market Inc. (WFM) $30.57 -2.18%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $85.37 +4.97%
Exxon Mobil Corp. (XOM) $79.04 +4.48%
General Electric Co. (GE) $29.05 +2.85%
Microsoft Corp. (MSFT) $53.06 +2.75%
Intel Corp. (INTC) $32.74 +2.60%
Pfizer Inc. (PFE) $31.10 +2.40%
Merck & Co. Inc. (MRK) $51.77 +2.19%
Apple Inc. (AAPL) $99.52 +2.19%
Caterpillar Inc. (CAT) $62.22 +2.18%
Johnson & Johnson (JNJ) $98.81 +1.84%
Dow Jones I.A - Fallers
Home Depot Inc. (HD) $119.51 -1.56%
Nike Inc. (NKE) $58.46 -0.54%
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $3.18 +6.71%
Illumina Inc. (ILMN) $174.99 +6.38%
Alexion Pharmaceuticals Inc. (ALXN) $167.29 +5.93%
Vertex Pharmaceuticals Inc. (VRTX) $101.91 +5.75%
Amgen Inc. (AMGN) $153.19 +5.31%
Biogen Inc (BIIB) $280.71 +5.04%
Celgene Corp. (CELG) $105.62 +4.92%
Cognizant Technology Solutions Corp. (CTSH) $60.21 +4.22%
Lam Research Corp. (LRCX) $71.96 +4.17%
Regeneron Pharmaceuticals Inc. (REGN) $478.51 +4.12%
Nasdaq 100 - Fallers
Express Scripts Holding Co (ESRX) $77.50 -2.75%
Whole Foods Market Inc. (WFM) $30.57 -2.18%
Nvidia Corp. (NVDA) $28.67 -2.02%
Wynn Resorts Ltd. (WYNN) $51.52 -1.81%
Staples Inc. (SPLS) $9.14 -1.77%
Western Digital Corp. (WDC) $49.25 -1.48%
TripAdvisor Inc. (TRIP) $71.92 -1.40%
Monster Beverage Corp (MNST) $142.46 -0.84%
Dish Network Corp. (DISH) $51.73 -0.65%
Bed Bath & Beyond Inc. (BBBY) $44.23 -0.47%