Stocks Rising With Oil Prices
Stocks Rising With Oil Prices
NEW YORK (AP) -- U.S. stocks are moving higher Tuesday morning as energy companies rise with the price of oil. Earnings reports are driving much of the action. Grocery store chain SuperValu is climbing, while appliance maker Whirlpool is falling sharply.
KEEPING SCORE: The Dow Jones industrial average gained 45 points, or 0.3 percent, to 18,022 as of 10:18 a.m. Eastern time. The Standard & Poor's 500 index rose 7 points, or 0.3 percent, to 2,094. The Nasdaq composite index added 9 points, or 0.2 percent, to 4,904. The Nasdaq has fallen for three days in a row.
OIL: Benchmark U.S. crude jumped 86 cents, or 2 percent, to $43.50 per barrel in New York. Brent crude, used to price international oils, gained 90 cents, or 2 percent, to $45.38 a barrel in London. Wholesale gasoline and heating oil also climbed.
Murphy Oil rose 88 cents, or 2.6 percent, to $34.39 and Devon Energy gained 72 cents, or 2.1 percent, to $34.67.
INDUSTRIAL STRENGTH: Companies that make mining and construction equipment also gained ground.
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Manufacturing company Ingersoll-Rand rose $1.86, or 2.9 percent, to $65.89 after it posted a larger-than-expected profit and raised its profit projections for the year. Truck maker Paccar reported a bigger-than-expected profit and gained $2.59, or 4.6 percent, to $58.64. Truck leasing company Ryder System posted a bigger profit and more revenue than analysts projected and added $1.42, or 2.2 percent, to $66.67.
FRESH: Grocery store chain SuperValu jumped 40 cent, or 7.8 percent, to $5.55 after its profit surpassed estimates.
BP BEATS: Oil company BP's profit was larger than expected and it left its dividend unchanged despite falling earnings and oil prices. Its U.S.-traded stock rose $1.46, or 4.6 percent, to $33.25.
DUPONT DOES IT: DuPont picked up $1.71, or 2.6 percent, to $67.68. The chemicals giant expects a larger profit for the year, saying the strong dollar won't hurt its results as much as it predicted
HIGH FLIER: JetBlue Airways' profit got a boost from lower fuel costs and greater capacity. Its stock rose 60 cents, or 2.9 percent, to $20.97.
WHIRLPOOL SOAKED: Whirlpool, the appliance maker behind Maytag, KitchenAid and other brands, reported disappointing profit and sales. The company said its business was hurt by the strong dollar. The stock lost $10.33, or 5.6 percent, to $175.71.
NOT SO SWEET: Chocolate maker Hershey cut its profit forecasts after first-quarter its sales were weaker than expected. The stock gave up $2.28, or 2.5 percent, to $89.09.
SAREPTA SKIDS: Drug developer Sarepta Therapeutics plunged after a Food and Drug Administration panel said its muscular dystrophy drug eteplirsen shouldn't be approved. The panelists said evidence didn't show the drug is effective. The stock fell $5.71, or 3.82 percent, to $9.24.
OVERSEAS: Britain's FTSE 100 rose 0.4 percent and Germany's DAX lost 0.2 percent. France's CAC 40 slipped 0.2 percent. Japan's Nikkei 225 fell 0.5 percent and South Korea's Kospi rose 0.3 percent. Hong Kong's Hang Seng index gained 0.5 percent.
BONDS, CURRENCIES: Bond prices were little changed and the yield on the 10-year U.S. Treasury note held steady at 1.92 percent. The dollar fell to 111.10 yen from 111.28 yen. The euro rose to $1.1328 from $1.1261.
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