U.S. stocks advanced Thursday, with energy shares leading a rebound sparked by rising crude-oil prices, as investors weighed corporate earnings and prospects for global growth.
Equities whipsawed as investors evaluated a slew of quarterly results on the busiest day of the reporting season, a session after the Federal Reserve said it’s monitoring global developments to assess their impact on U.S. growth.
Facebook Inc.’s better-than-expected report sparked gains in technology, while Abbott Laboratories sank 9.3 percent, weighing on health care shares after its forecast trailed estimates.
Heading into the close on Wall Street, the Dow Jones industrial average was up 125.2 points, about 0.8 percent, at 16,069.6. The Standard & Poor’s 500 index was up 10.4 points, about 0.6 percent, at 1,893.4. The Nasdaq composite added 38.5 points, about 0.9 percent to 4,506.7.
CRUDE ENERGY: As the markets closed, the price of U.S. benchmark oil was up $1.47, about 4.6 percent, at $33.77 a barrel in trading on the New York Mercantile Exchange. In London, the international benchmark Brent crude was up $1.39, about 4.2 percent, at $34.50 a barrel.
ANALYST’S OPINION: “It’s no longer about whether we’re rebounding from the financial crisis back to normal levels,” said analyst Jason Pride, the Philadelphia-based director of investment strategy at Glenmede, which oversees $30 billion. “It’s about whether growth is going to be sustained, how good is that growth and where is the market incorrectly placing value. The take-away for the market from the Fed announcement yesterday is that they’re seeing growth as being a little slower and they definitely see the risks from possible contagion from China and what’s going on in the oil markets.”