A turnaround in oil prices helped investors shrug off concerns about the banking sector, pushing stocks to close out the day with gains. Bobbi Rebell reports.
Stocks staged a comeback Wednesday, with telecoms led by AT&T lifting shares, and many big banks recovering from intraday losses. The recent price drops has made some bank shares attractive, says Eric Wiegand of U.S. Bank Wealth Management. SOUNDBITE: ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK WEALTH MANAGEMENT (ENGLISH) SAYING: "Concerns are heightened and opportunities certainly exist." Economic data weren't encouraging. New home sales dropped in January, and the services sector shrank in early February. Lowe's posted a solid increase in quarterly comparable sales, but they paled in comparison to that of Home Depot. Target swung to a profit from a loss, and the retailer saw strong demand for its more profitable categories, like clothing and kids' goods. Mixed reactions on social media to Facebook's new emoticons. Users can now go beyond the thumb up button to indicate emotions like anger, love and sadness. Honk! Avis Budget swung to a loss from a profit, and shares had their worst day in seven years. Rival car rental company Hertz fell in sympathy. In Europe, the drop in commodities stocks sent shares down for the second straight day.