Apple and other technology stocks helped lift Wall Street on Tuesday, despite yet another lower day for oil prices. Bobbi Rebell reports.
Stocks staged a late day comeback lifting Wall Street for the second straight day. Energy and biotech shares turned around, despite another down day for oil. OppenheimerFunds' Alec Young: SOUNDBITE: ALEC YOUNG, INVESTMENT STRATEGIST, OPPENHEIMERFUNDS (ENGLISH) SAYING: "There's a lot of sensitivity around the pace of global growth, and whether or not the collapse in oil prices signaling some sort of a major negative in terms of the strength of the world economy, consumer demand, industrial demand." Standard Chartered predicts oil will drop by two-thirds to $10 a barrel. Caprock's Chris Jarvis: SOUNDBITE: CHRIS JARVIS, CEO, CAPROCK RISK MANAGEMENT (ENGLISH) SAYING: "Once you start getting the extreme calls, the $10 calls the $15 calls that is kind of an indicator that we are close to our market bottom." Apple shares edged higher toward $100. BofA Merrill Lynch upgraded the shares to "buy." It's bullish about the prospects for Apple Watch, the iPhone 6 and upcoming iPhone 7. Alcoa's stock sank to a six-and-a-half year low. It kicked off earnings season reporting a quarterly loss. Three brokerages cut their price targets. Starbucks was a winner. The coffee chain says it has not seen a slowdown in China and is expanding there. Skullcandy shares slammed. The headphones maker warned that fourth quarter sales will be flat. Wunderlich Securities cut its price target. In Europe, investors drove stocks higher, brushing aside the downturn in crude prices. Consumer cyclicals led the rally on positive news from retailers.