(MENAFN- ProactiveInvestors)U.S. stocks stretched their rally into the afternoon on Thursday as oil prices climbed and comments from a Federal Reserve policymaker warned on weak inflation. At 3:36 p.m. in New York the Dow Jones Industrial Average (INDEXDJX:.DJI) rose 1.5% to 16388.15 while the S&P 500 (INDEXSP:.INX) was up 1.8% at 1924.11. The Nasdaq Composite (INDEXNASDAQ:.IXIC) advanced 2.1% to 4622.31. West Texas Intermediate settled at $31.20 a barrel up $0.72 or 2.4%. St. Louis Federal Reserve President James Bullard said a continued drop in inflation expectations may change his forecast for further Fed rate hikes. GoPro (NASDAQ:GPRO) slid 14% to $12.55 after the company shocked markets with a fourth-quarter revenue shortfall and jobs-cut announcement. J.P. Morgan (NYSE:JPM) advanced 2% to $58.48 after posting a fourth-quarter profit of $1.32 a share on revenue of $23.75 billion beating expectations on both fronts. Shares rose 2.2%. Best Buy (NYSE:BBY) dipped 9% to $26.60 as the retailer lowered its sales outlook for the current quarter after weak mobile-phone sales hurt holiday results. US open Wall Street opened higher on Thursday as oil futures rebounded. At 11:26 a.m. in New York the Dow Jones Industrial Average (INDEXDJX:.DJI) rose 1% to 16311.15 while the S&P 500 (INDEXSP:.INX) was up 0.8% at 1905.11. The Nasdaq Composite (INDEXNASDAQ:.IXIC) advanced 0.5% to 4550.75. The rally was led by energy shares. Exxon Mobil (NYSE:XOM) advanced 4.1% to $78.75 and Chevron (NYSE:CVX) gained 3.3% to $84.01. The Dow has slumped in nine of the last 13 sessions through Wednesday and has dclined 6% so far in 2016. February West Texas Intermediate crude rose 3.5% to trade at $31.54 on the New York Mercantile Exchange. February Brent crude gained 2.2% to $30.99 a barrel. Shares of J.P. Morgan Chase (NYSE:JPM) rose 2% to $58.44 after the investment bank said quarterly profits rose thanks in part to higher earnings within its investment-banking division. US Pre-Market After the turmoil yesterday US shares are poised for a lower start today as oil market worries persist. The broad-based S&P500 index closed 38 points down or 1.7% lower on Wednesday as the price of a barrel of crude fell below the US$30 mark for the first time in over 12 years. Futures for US crude or West Texas Intermediate settled up 0.13% at $30.48 a barrel whille Brent crude settled at $30.31 a barrel which was the first close below its US counterpart since last year. The latest data showed US crude stocks at a level not seen for 80 years. The benchmark Dow Jones Industrial Index finished a whopping 364 points down at 16151 while the Nasdaq finished 150 points lower at 4183 as the sell-off in markets continues unabated. Dow futures at the time of writing are down three; Nasdaq futures are around nine points lower while S&P500 is about flat - down one point. In London the FTSE100 is currently down 1.87% at 5894 while the spot US oil is up a tad at US$30.76 a barrel - 0.98% higher. The Shanghai Composite Index in China finished 58 points higher at 3008.
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