(MENAFN- ProactiveInvestors) U.S. stocks extended gains on Tuesday on the back of rising oil prices and M&A activity as well as a new debt settlement offer from Greece to the European Union.
As of noon in New York the Dow was up 127 points at 17487 after gaining nearly 200 points on Monday. The Nasdaq was last down by 3 points at 4673 while the S&P 500 climbed 8 points to 2029.
European stocks also finished broadly higher today after Greece's new government proposed ending the confrontation with its creditors by swapping outstanding debt for new growth-linked bonds running a permanent budget surplus.
In the U.S. automakers released their January sales figures today with Chrysler Ford () GM () and Nissan all posting double digit sales growth last month as lower oil prices spurred demand for sports cars and trucks.
The government also released data showing that factory orders fell 3.4% in December for a fifth straight decline though reaction to the weaker-than-expected report was muted.
Oil prices were higher again today breaking above $50 a barrel for the first time in two weeks after gaining more than 11% in the past two sessions. Crude for March delivery was last up $1.15 at $50.72 a barrel in New York. Gold futures fell $15 to $1262 an ounce.
In corporate activity earnings season continued with () boosting its profit outlook for the year as its revenue rose in the most recent period despite rising medical costs weighing on its earnings. Profit met expectations in the latest period while revenue topped views.
() surged 5.8% after sales climbed double digits.
(NYSE:) reported a replacement cost loss of $969 million for the fourth quarter after taking a $3.6 billion impairment charge related to its upstream assets and cutting spending due to low oil prices. On an underlying basis replacement cost profit came in above estimates at $2.2 billion sending shares up by over 2%.
Anadarko Petroleum () late Monday reported earnings and revenue well below analyst views due to the collapse of oil prices.
Walt Disney () and () are slated to report quarterly results after the closing bell today.
In other news () and () surged after reports they are in advanced merger talks with no terms of the supposed deal disclosed as of yet.
() will be delisted from the New York Stock Exchange which has suspended trading in the stock. Bloomberg has also reported that the electronics retailer may sell some of its stores to Amazon () and Sprint ().
Shares of Lending Club (NYSE:LC) were up more than 4% after teaming up with Alibaba (NYSE:BABA) to provide sales financing to small US businesses buying from Chinese suppliers.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.