(MENAFN- ProactiveInvestors) U.S. stocks were higher on Wall Street Friday as oil prices rose with the Dow industrials trading above 18000 for the first time this year and the S&P 500 currently in record territory.
The three major US indexes recorded solid gains yesterday on news of a ceasefire in Ukraine and a substantial rise in oil prices and are on track to finish with weekly gains for a second straight week.
As of noon in New York the Dow Jones Industrial Average rose 43 points to 18015 while the Nasdaq climbed 21 points to 4879 and the S&P 500 added 5 points to 2093.
Investors shrugged off weaker than expected consumer sentiment data for February. The University of Michigan's preliminary February consumer sentiment index came in at 93.6 down from January's final 98.1 reading and lower than consensus estimates for 98.5.
The first government report today revealed that the U.S. import price index fell 2.8% in January. Minus energy the index dropped 0.7%.
U.S stocks took their cue from Europe where markets finished higher today after the eurozone's gross domestic product expanded by a greater than expected 0.3% in the fourth quarter boosted by an acceleration in Germany's growth. Greece stocks were also up strongly on hopes the new leftist government is inching its way closer to a debt compromise deal with its creditors.
Oil prices climbed again today with WTI crude in New York last up $1.57 at $52.78 a barrel. Brent crude rose above $60 a barrel today for the first time this year bringing weekly gains to almost 4% supported by signs that deeper industry spending cuts may help curb a supply glut. Gold futures rose $8 to $1229 an ounce.
In corporate activity J.M. Smucker () rose 1.9% even after sales fell in its fiscal third quarter on weak volumes in its U.S. retail coffee segment as profit topped forecasts.
() gained more than 8% as earnings came in at double estimates. Its current quarter forecast fell short of expectations however.
() shed more than 16% as the company did not see as much engagement as expected for new offerings and forecast an unexpected loss for the current quarter. Its latest quarterly results matched estimates however.
King Digital (NYSE:KING) surged over 12% after topping estimates on both earnings and revenue helped by growing popularity for newer games and a larger than expected number of active users.
AIG () missed earnings estimates due to lower interest rates and the cost of refinancing its debt. The insurer also announced a $2.5 billion stock buyback program.
(NASDAQ:KRFT) topped quarterly views with its results but also announced a major executive shakeup including the departure of its CFO. The stock fell 2.6%.
() beat earnings estimates while revenue met forecasts. Results were helped by the addition of Thursday night football and the midterm elections.
Yahoo () is reportedly cutting between 100 and 200 jobs mostly in Canada as the Internet company works to reduce costs.
In other markets Asian stocks closed mostly higher with the Hong Kong index posting its biggest gain in three weeks.
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