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1st LD Writethru: U.S. stocks tick up on upbeat earnings, oil recovery

Xinhua, January 29, 2016 Adjust font size:

U.S. stocks ended higher after choppy trade Thursday, as Wall Street cheered over positive earnings reports and continued oil recovery.

The Dow Jones Industrial Average rose 125.18 points, or 0.79 percent, to 16,069.64. The S&P 500 added 10.41 points, or 0.55 percent, to 1,893.36. The Nasdaq Composite Index gained 38.51 points, or 0.86 percent, to 4,506.68.

Facebook, Inc. spiked 15.52 percent to 109.11 U.S. dollars apiece Thursday following the release of its strong quarterly results.

The social network reported that its total revenue during the fourth quarter of 2015 came in at 5.84 billion dollars, from 3.85 billion dollars in the fourth quarter of 2014, up 52 percent.

Caterpillar Inc. jumped 4.73 percent to 61.08 dollars apiece after posting quarterly earnings above consensus but revenues shy of forecast, as its full-year 2016 outlook topped market expectations.

Shares of Alibaba reversed early gains to end 3.77 percent lower Thursday, though the Chinese e-commerce giant delivered quarterly results that beat market estimates.

Oil prices continued to rally Thursday, logging the first three-day winning streak of 2016, boosted by the speculations that major producers may cooperate to cut production.

On the economic front, U.S. new orders for manufactured durable goods in December decreased 12.0 billion dollars, or 5.1 percent, to 225.4 billion, well below market consensus, the Commerce Department announced Thursday.

"The trend in durable orders and shipments keeps getting worse. Given the Fed's muted stance in yesterday's FOMC minutes, we hope they realize the risks to the economy are mounting to the downside," said Jay Morelock, an economist at FTN Financial.

In the week ending Jan. 23, the advance figure for seasonally adjusted initial jobless claims was 278,000, a decrease of 16,000 from the previous week's revised level, said the U.S. Labor Department Thursday.

The Pending Home Sales Index crawled 0.1 percent to 106.8 in December from a downwardly revised 106.7 in November, according to the National Association of Realtors Thursday. Endit