U.S. stocks ended the day higher as investors sought deals in consumer discretionary, industrial and consumer stocks. Shartia Brantley reports.
Wall Street notched a second straight session of gains. Investors scooped up badly beaten stocks despite a drop in oil prices stemming from disappointment over a Saudi-Russian oil supply deal. Wells Fargo Funds Management's John Manley: SOUNDBITE: JOHN MANLEY, CHIEF EQUITY STRATEGIST, WELLS FARGO FUNDS MANAGEMENT (ENGLISH) SAYING: "I think, there was a sense that oil was in a free fall. I'm not sure things can get much worse than they were. So, you put those two things together, and the fact that China's doing OK, it helps." Apollo Global Management is buying security firm ADT for $7 billion. ADT shares skyrocketed higher. So did shares of Groupon. Alibaba bought a stake that makes it the fourth largest shareholder of the daily deals website operator. Hospital stocks fell after Community Health Systems posted a surprise quarterly loss. The hospital operator said the mild flu season hurt admissions. Hormel's shares rose to a record high after the food maker hiked its earnings forecast for the full year. Dim data: Home builder sentiment fell in February, and a New York Fed report showed regional business activities improved less than expected this month. In Europe, the disappointment over the oil deal led stocks lower, but Britain's FTSE 100 managed to close higher.