(MENAFN- ProactiveInvestors) U.S. stocks extended gains on Tuesday with the Dow rising sharply by more than 300 points 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.
At the closing bell in New York the Dow settled up 305 points to end at 17666 after gaining nearly 200 points on Monday. The Nasdaq jumped 51 points to finish at 4728 while the S&P 500 climbed 29 points to settle at 2050.
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.
Oil prices settled higher again today jumping to a 2015 high as investors bet that a decline in U.S. drilling activity would counter oversupply. On the New York Mercantile Exchange West Texas Intermediate futures for delivery in March settled up 7% at $53.05. The last time oil settled higher was $53.27 on December 31. Gold for April delivery fell 1.3% to settle at $1260.30 an ounce as concerns over Greece faded.
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.
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. Shares advanced over 2%.
() jumped nearly 7% 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 3.1%.
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) closed up more than 5.3% after teaming up with Alibaba (NYSE:BABA) to provide sales financing to small US businesses buying from Chinese suppliers.
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