United States stocks close higher for fourth day

Stocks Make Strong Comeback Despite Recent Turbulence

Stocks are slightly lower and bond yields are higher in early trading after the government reported the highest increase in consumer prices in a year. The Dow Jones industrial average rose 253 points. Energy companies got some relief as oil prices turned higher.

"We think we're going to be volatile for a few more trading days at least, as the market sorts out whats really been going on", Haworth said.

Some market watchers say the recent bout of turbulence may not be over.

"The catalyst behind this bull market up until maybe the past year or so has just been the ability of this economy to grow, even if it's very sluggishly (.) without creating any negative consequences for the financial markets", he said.

In a worst-case scenario, consumers and businesses might start pulling back on spending as they see prices rise rapidly in the coming months (or years). The Dow Jones industrial average added 1 percent to 24,893.49.

US crude rose $1.41, or 2.4 percent, to $60.60 a barrel in NY. It had risen as much as 574 earlier, led by big gains for Boeing and Apple. The Nasdaq composite climbed 130.10 points, or 1.9 percent, to 7,143.62. The stock rose $38.58, or 15.4 percent, to $289.91. A drop of that size is known on Wall Street as a market "correction".

The S&P 500 has now surged about 5 per cent since last Thursday, but is still 5.5 per cent below its record high on January 26.

Among the biggest movers was sportswear retailer Under Armour, up more than 17 percent on strong quarterly sales, and AmerisourceBergen, up 8 percent after the Wall Street Journal reported Walgreens was seeking to buy out the drug distributor.

Goldman Sachs and other analysts pointed to a number of factors behind their upbeat global forecast including China's plan to generate high single-digit growth, Europe's re-emergence from its sovereign debt woes, and USA tax cuts and increased spending. That was a significant improvement from modest annual growth rates of around 2 percent the US experienced during the economic recovery, now in its ninth year. But it's happened six times in the last seven trading days, and eight times since the market's peak January 26. It owned 18.9 million shares of the Israeli drugmaker at the end of past year.

Japan's benchmark Nikkei 225 rose 1.3 percent to 21,435.13 and Hong Kong's Hang Seng advanced 1.3 percent to 30,908.64.

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As the Fed lifts rates, companies and individuals also tend to borrow less, another potential damper on the economy. USA crude oil peaked at $66 a barrel in late January and is trading around $60 a barrel now.

Crude oil futures are jumping $1.11 to $60.31 a barrel after plunging $1.95 to $59.20 a barrel last Friday.

Stocks are opening higher on Wall Street after several USA companies reported solid results. The Trump administration has been pushing defense spending aggressively higher. General Dynamics lost $2.57, or 1.2 percent, to $209.53.

Right now, they're 70% through reporting and earnings for USA companies are up 14.8%, with revenues 8% higher. Disney agreed to buy Fox's movie and television studios and some cable and worldwide TV businesses in December for $52.4 billion.

Bond prices were little changed.

The booming internet shopping sector was flat in January, but is still 10.2 percent higher than a year ago.

In other energy trading, wholesale gasoline fell 2 cents to $1.68 a gallon. Cisco climbed $1.48, or 3.5 per cent, to $43.57. The Japanese currency rose to the 106-yen level against the dollar at one point. The euro strengthened to $1.2452 from $1.2452.

Gold rose $10.70 to $1,326.40 an ounce. Copper picked up 7 cents, or 2.3 percent, to $3.24 a pound.

Declining issues outnumbered advancers on the NYSE by 1,830 to 714.

Speculators expected European stocks to open higher as they saw Britain's FTSE inching up 0.5 percent. Trading was winding down in China ahead of the Lunar New Year holidays.

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