|Trader George Baskinger works on the floor of the New York Stock Exchange, Tuesday, Jan. 26, 2016. Higher oil prices and some positive earnings news from U.S. companies are helping to send the stock market higher. (AP Photo/Richard Drew)|
U.S. stocks soared on Tuesday as the price of oil made another massive turnaround, this time jumping more than 6 percent after falling that much yesterday.
Energy stocks made early gains as the price of U.S. crude rose $1.96, or 6.5 percent, to $32.30 a barrel in New York. Brent crude, a benchmark for international oils, gained $2.14, or 7 percent, to $32.64 a barrel in London. Exxon Mobil picked up $2.53, or 3.4 percent, to $76.52 and Chevron rose $3.35, or 4.1 percent, to $84.24.
The Associated Press reports that the Dow Jones industrial average rose 272 points, or 1.7 percent, to 16,157 as of 1:30 p.m. Eastern time. The Standard & Poor's 500 index climbed 27 points, or 1.5 percent, to 1,903. The Nasdaq composite added 59 points, or 1.3 percent, to 4,577.
Procter & Gamble had a 2.6 percent increase, while 3M rose 4.4 percent. Johnson & Johnson rose 4.1 percent. Sprint stock rose an astounding 20.9 percent, to $3.05 a share, after hiting an all-time low last week. Spring cut 2,500 jobs (8 percent of its staff) since last year.
Some U.S. companies continue to report positive earnings as they release 4th quarter data.