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Stocks rebound a day after plunge, led by energy sector

Trader Jonathan Corpina works on the floor of

Trader Jonathan Corpina works on the floor of the New York Stock Exchange, Wednesday, Jan. 13, 2016. Photo Credit: AP / Richard Drew

The stock market is closing broadly higher, led by gains in oil and gas companies as the price of crude turned higher.

The gains Thursday came a day after the market had its worst drop since September.

Chevron and Exxon Mobil each jumped 5 percent, by far the biggest gains in the Dow Jones industrial average. It was a reprieve for the energy sector, which has been battered in recent months as crude oil prices plunged.

JPMorgan Chase rose 2 percent after the bank reported earnings that beat forecasts.

The Dow Jones industrial average rose 227 points, or 1.4 percent, to 16,379.

The Standard & Poor’s 500 index gained 31 points, or 1.7 percent, to 1,921. The Nasdaq composite added 88 points, or 2 percent, to 4,615.

TURBULENT RUN: The market is coming off a broad downturn on Wednesday that sent the S&P 500 index into what’s known as a correction, or a drop of 10 percent or more from a peak. The slump through the first eight trading days of 2016 represents the worst start to a year in the history of both the S&P 500 and the Dow. The turbulent run reflects mounting worries on Wall Street about the slowdown in China, plunging oil prices and the implications for U.S. corporations.

SECTOR VIEW: The 10 sectors in the S&P 500 index rose, with energy notching the biggest gain, 5.3 percent. Williams Cos. led the gainers, adding $3.82, or 28 percent, to $17.43.

OIL BUMP: Exxon Mobil added $4.12, or 5.5 percent, to $79.77, while Chevron rose $4.77, or 5.6 percent, to $86.10. Freeport-McMoRan climbed 45 cents, or 12 percent, to $4.19. Marathon Oil rose 66 cents, or 7.7 percent, to $9.20.

GOOD QUARTER: JPMorgan Chase rose 2.2 percent after the bank reported earnings that were better than analysts expected. The stock added $1.28 to $58.62.

HOLIDAY BLUES: Best Buy slid 9.2 percent after the electronics store operator reported a drop in sales during the holiday season. The company also said it expects a wider drop in fourth-quarter revenue, partly on weak mobile phone and personal device sales. The stock was the biggest decliner in the S&P 500 index. It shed $2.70 to $26.56.

SHAKY CAM: GoPro slumped 13.2 percent a day after the wearable camera maker disclosed plans to eliminate about 100 jobs. The move comes after the company’s fourth-quarter sales fell far short of its expectations. GoPro lost $1.93 to $12.68.

OIL PRICES: A day after U.S. crude oil briefly fell below $30 a barrel for the first time since late 2003, it climbed 72 cents, or 2.4 percent, to $31.20 a barrel in New York. Brent crude, a benchmark for international oils, gained 72 cents, or 2.4 percent, to $31.03 a barrel in London.

OVERSEAS: In Europe, Germany’s DAX dropped 1.7 percent and France’s CAC 40 slid 1.8 percent. The FTSE 100 index of leading British shares was 0.7 percent lower. In Asia, Japan’s benchmark Nikkei 225 dived 2.7 percent, South Korea’s Kospi fell 0.9 percent and Hong Kong’s Hang Seng lost 0.6 percent. The Shanghai Composite rebounded nearly 2.0 percent.

BONDS AND CURRENCIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.10 percent from 2.09 percent late Wednesday. The euro fell to $1.0857 from $1.0876, while the dollar rose to 118.15 yen from 117.78 yen.

METALS: Precious and industrial metals future closed mixed. Gold lost $13.50 to $1,073.60 an ounce, silver fell 41 cents to $13.75 an ounce and copper rose 2 cents to $1.98 a pound. copper rose 2 cents to $1.98 a pound.

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