Market Wrap: U.S. Stocks Rally, Finish Higher as Oil Gains

APTOPIX Financial Markets Wall Street
Richard Drew/AP
By Sinead Carew

NEW YORK -- U.S. stocks rallied Thursday afternoon and closed higher as an upturn in oil prices and a rally in Apple and Boeing shares helped offset some disappointing earnings and lingering questions over U.S. monetary policy.

The S&P 500 had fallen as much as 0.6 percent earlier, led by energy stocks, which then reversed direction along with crude prices.

%VIRTUAL-pullquote-Technically the market was a little oversold ... so we just needed a little bit of positive news to spark an afternoon rally.%While the afternoon rise in crude wasn't huge, it was enough to cheer up the market after two weak days, said Randy Frederick, managing director at Charles Schwab (SCHW) in Austin.

"Technically the market was a little oversold, so we were in a pretty good position to bounce, so we just needed a little bit of positive news to spark an afternoon rally," he said.

The market has been advancing and retreating within a range of 200 to 300 points for some time as traders grapple with earnings reports, a strong dollar and weak oil prices and uncertainty about when U.S. interest rates will rise, said Dennis Dick, head of markets structure at Bright Trading.

"There's a lot technical trading going on," he said. "When the fundamentals are confusing and the macro is confusing, you have to lean on the technicals."

Harman International (HAR) shares rose 23.8 percent, making it the biggest percentage gainer in the S&P after it beat profit and revenue expectations.

Coach (COH) shares rose 6.8 percent after the handbag maker posted a better-than-expected quarterly profit. Dow component McDonald's (MCD) added 5 percent after announcing its CEO will retire.

Shares in Chinese internet giant Alibaba Group (BABA) fell 8.8 percent after revenue missed expectations and raised questions about China's economy. Qualcomm (QCOM) fell 10.3 percent after trimming its 2015 outlook.

The Dow Jones industrial average (^DJI) rose 225.48 points, or 1.31 percent, to 17,416.85, the Standard & Poor's 500 index (^GPSC) gained 19.09 points, or 0.95 percent, to 2,021.25 and the Nasdaq composite (^IXIC) added 45.41 points, or 0.98 percent, to 4,683.41.

Apple (AAPL) closed up 3.1 percent and Boeing (BA) finished 5.8 percent higher.

Supporting stocks, data showed weekly applications for unemployment insurance fell to their lowest in almost 15 years, adding to bullish signals on the labor market.

Investors also continued to digest Wednesday's Federal Reserve statement, which failed to give much clarity about when rates would begin going up.

The energy sector finished up 0.17 percent with U.S. crude oil turning around to settle up 8 cents at $44.53.

About 7.7 billion shares changed hands on U.S. exchanges, above the 7 billion average for the last five sessions, according to BATS Global Markets.

NYSE advancing issues outnumbered decliners 2,074 to 1,000, for a 2.07-to-1 ratio; on the Nasdaq, 1,823 issues rose and 893 fell for a 2.04-to-1 ratio favoring advancers.

The S&P 500 posted 16 new 52-week highs and 26 lows; the Nasdaq composite recorded 37 new highs and 101 lows.

-With additional reporting by Rodrigo Campos.

What to watch Friday:
  • At 8:30 a.m. Eastern time, the Commerce Department reports fourth-quarter gross domestic product, and the Labor Department releases the employment cost index for the fourth quarter.
  • The Institute For Supply Management-Chicago releases its survey of business conditions during January in the Chicago area at 9:45 a.m.
  • The University of Michigan releases its final survey of January consumer sentiment at 10 a.m.
These selected companies are scheduled to report quarterly financial results:
  • AbbVie (ABBV)
  • Altria Group (MO)
  • Chevron (CVX)
  • Eli Lilly (LLY)
  • Honda Motor Co. (HMC)
  • Lear (LEA)
  • Legg Mason (LM)
  • Manpower (MAN)
  • MasterCard (MA)
  • Mattel (MAT)
  • Newell Rubbermaid (NWL)
  • Simon Property Group (SPG)
  • Tyco International (TYC)
  • Tyson Foods (TSN)
  • Weyerhaeuser (WY)
  • Xerox (XRX)
12 PHOTOS
10 Places to Turn Your Unwanted Stuff Into Cold, Hard Cash
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Market Wrap: U.S. Stocks Rally, Finish Higher as Oil Gains
Whatever you're looking to sell, there's a good chance you can find a buyer for it on online megasites eBay (EBAY) and Amazon (AMZN). Both sites offer easy-to-follow guidelines for how to list, ship and get payment for your items. EBay is great for collector and high-value items, such as premium comic books or rare baseball cards, as the bidding system encourages buyers to offer more and more money to snag your item. If you've got something you think is in high demand, like a retro accessory, a bidding war could fetch you a nice price.
Amazon is better for selling traditional retail items like DVDs, books and video games, because the site shows buyers what they'd pay to buy the item new from them vs. what they'd pay to buy it used from you. Price your item fairly, and you could hook buyers looking to save a buck or two.
Have a big item that won't be easy to ship, like a bicycle or a piece of furniture? Try listing it Craigslist, where you can connect with local buyers who are willing to pay cash and pick the item up themselves. Just be smart about meeting up with strangers: never let anyone in your home, but instead stick to meeting in the driveway or, if you can, a neutral location like a coffee shop. (I've often met buyers in the parking lot of Target (TGT) or Starbucks (SBUX) during the middle of the afternoon, when I know there will be hundreds of people –- plus store security -- milling around.)
Want to get rid of a large amount of stuff as fast as possible? A garage sale is a great way to clear out fast, especially if you're smart about how you advertise it. Make sure to place ads in local classifieds (online and print), put up signs in visible locations like heavily trafficked intersections and always have plenty of change on hand. If you really want to get noticed, consider organizing a neighborhood or block sale, which has a special draw for serial bargain-hunters.
Another way to get lots of eyes on your stuff is to set up a table at an area flea market or swap meet. These events are often well-advertised and see plenty of foot traffic, so all you have to do is show up and hope buyers are interested in what you're selling.
Got a lot of gently used clothes to get rid of? Do an online search for consignment shops in your area. You may have a national chain like Plato's Closet, Buffalo Exchange or Once Upon a Child nearby, or there may be some local boutique shops. These places accept clothing, accessories, shoes and more, from current designer brands to rare vintage finds.
If you have any hand-me-downs or heirlooms that look like they might be worth something, take them to a local antique shop for an appraisal. Some offer walk-in appraisals, while others have set days and times when an appraiser is in store. That old lamp your grandmother left you just might be worth big bucks. Of course, once you have the appraisal, you still have to sell it. Maybe to that antiques store?
Lookk for sporting equipment your kids (or you) have grown out of or gotten tired of. Stores like Play It Again Sports will pay you for things like helmets, hockey sticks, padding and more. Just search for "used sporting goods" to find what's in your area.
Got an old Atari lying around, or Super Mario cartridges from the '90s? They may seem like outdated junk to you, but collectors are more than happy to pay for a piece of childhood nostalgia. Call around to local video game stores to see if they buy used systems and games and how much they'd be willing to pay for yours. You may be surprised how much you can get. GameStop (GME) is a national chain that buys games.
If you're the crafty sort, you may be able to upcycle your old stuff into one-of-a-kind products you can sell on arts and crafts website Etsy. There's a strong demand for handmade items these days, so get creative about how to repurpose your old items into clever crafts. Can you tear-and-sew old clothing into a recycled dress or hand-stitched curtains? Can you turn those old floppy disks into drink coasters by coating them with a waterproof layer and gluing felt to the bottom? A little creativity can lead to a handsome payday.
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Markets

DJIA 21,835.14 131.39 0.61%
NASDAQ 6,279.09 65.96 1.06%
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HANG SENG 27,401.67 246.99 0.91%
DAX 12,218.66 152.67 1.27%
USD (per EUR) 1.18 0.00 -0.38%
USD (per CHF) 0.97 0.00 0.40%
JPY (per USD) 109.36 0.41 0.38%
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