U.S. Market
Stocks were sharply higher today as oil prices rebounded.
Oil futures rose above $30 a barrel again today on news that OPEC members may be open to “cooperation” in reducing oil output.
Home price gains accelerated in November according to the Case-Shiller index. The 20-city index was up 5.8% year over year in the month, compared to a 5.5% annual gain in October. San Francisco, Portland and Denver saw the biggest gains in the month.
At market close the Dow, S&P 500 and Nasdaq were up 1.8%, 1.4% and 1.1% respectively.
Stocks on the Move
Procter & Gamble’s (PG) organic sales, which exclude the impact of currency, rose 2% in the fourth quarter after a fall in the third. The rise came as the firm was able to boost prices 3% even as volumes declined 2%. On an adjusted basis, the firm earned $1.04 a share above the 98 cents per share expected by analysts. Shares rose 2.6% on the report.
Shares of Johnson & Johnson (JNJ) were up 5% after the firm reported better-than-expected earnings. Overall sales were down 2.4% in the fourth-quarter due to currency impacts, but sales in the U.S. pharmaceutical segment were strong.
DuPont (DD) also felt the impact of the strong dollar on its quarterly results. The firm also said it is planning on cutting $1 billion in costs out of the business ahead of its planned merger with Dow Chemical (DOW) . DuPont shares were up less than 1% on the day.
3M (MMM) reported better-than-excepted profit this morning. The firm earned $1.66 per shares versus expectations that it would earn $1.33. Still, organic sales were down 1.1% due to pressures from a slow global economy. Shares gained 5.2% on the news.