A five percent surge in oil prices and comments from ECB President Mario Draghi lifted U.S. stocks on Thursday, after a broad-based sell-off one day earlier. Leah Duncan reports.
Credit Super Mario. ECB head Mario Draghi's hint that the central bank could offer stimulus powered stocks higher. Also fueling the rebound from Wednesday's big selloff: a rally in oil prices. But Keith Bliss of Cuttone & Co. sees stocks heading much lower. (SOUNDBITE) KEITH BLISS, SENIOR VICE PRESIDENT, CUTTONE & CO. (ENGLISH) SAYING: "For the S&P 500, which is the index I look at the most, i want to see that thing trade all the way down to 1720-1730 level and then I'd be prepared to step in and buy with both hands. So, we're not there yet." Verizon and Home Depot were the day's top gainers on the Dow. The wireless phone company swung to a quarterly profit from a loss, and it added more wireless customers than expected. Helping Home Depot's shares: JPMorgan said warm weather could benefit the home improvement company's results. Avon Products' shares shot up after the cosmetics maker said it plans to cut $350 million in costs over the next three years. Mixed economic data: The number of Americans filing for jobless benefits rose to a six-month high last week. Manufacturing activity in the mid-Atlantic region improved in January. In Europe, Draghi's comments spurred shares sharply higher led by energy stocks.