Stocks Open Slightly Higher
Stocks Open Slightly Higher
NEW YORK (AP) -- U.S. stocks are moving higher Thursday, led by gains in energy companies as the prices of crude oil and natural gas recover from steep plunges the day before.
KEEPING SCORE: The Dow Jones industrial average added 112 points, or 0.7 percent, to 15,878 as of 10:15 a.m. Eastern time. The Standard & Poor's 500 index rose 10 points, or 0.6 percent, to 1,869. The Nasdaq composite picked up 24 points, or 0.5 percent, to 4,495.
RAILROADS NOT WORKIN': Union Pacific's fourth-quarter profit and revenue fell far short of Wall Street estimates. CEO Lance Fritz said the uncertainty in energy and commodity markets and the strong U.S. dollar will continue to affect the railroad's business this year. The stock lost $5.06, or 6.9 percent, to $68.53.
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FEELING BETTER: Health care stocks rose. Hospital operator Tenet Healthcare added $1.35, or 5.5 percent, to $26.04 and rival HCA Holdings rose $2.50, or 4 percent, to $65.33.
CLEARED FOR TAKEOFF: Airlines rose as lower fuel costs boosted their profits. Southwest Airlines reported a record profit, almost triple its net income from a year ago, as fuel costs fell by almost a third. The airline said demand for travel is strong but fares are weaker. Its stock climbed $1.18, or 3 percent, to $40.48. United Continental Holdings also said its profit spiked as jet fuel got dramatically cheaper. United rose 26 cents to $45.38.
ENERGY: Oil and gas stocks recovered after a plunge a day earlier. U.S. crude rose 39 cents to $28742 a barrel in New York. On Wednesday U.S. crude took its biggest one-day loss since September. Brent crude, a benchmark for international oils, rose 39 cents to $28.25 a barrel in London. Southwestern Energy added $1.44, or 18.4 percent, to $8.80 and Kinder Morgan rose $1.42, or 11.8 percent, to $13.43.
FIREEYE RISES: Cybersecurity firm FireEye climbed after the company forecast strong growth in orders. The company also said it acquired iSight Partners, which provides information on cybersecurity threats for businesses. The stock added 65 cents, or 6.6 percent, to $15.52.
OVERSEAS: Britain's FTSE 100 rose 1.1 percent, Germany's DAX climbed 1.3 percent and France's CAC gained 1.3 percent. Tokyo's Nikkei 225 lost 2.4 percent and South Korea's Kospi fell 0.3 percent. Hong Kong's Hang Seng was down 1.8 percent and China's Shanghai Composite sank 3.2 percent.
MORE STIMULUS? European Central Bank head Mario Draghi said Thursday the ECB will consider using more stimulus measures at its next meeting in March. At the ECB's December meeting, the bank's rate-setting council decided to extend its bond purchases by six months. The prospect of more stimulus sent the euro down to $1.0829 from $1.0894 late Wednesday.
CURRENCIES: The dollar rose to 117.12 yen from 116.78 yen. The yield on the 10-year Treasury note held steady at 1.98 percent.
(KA)