Stocks rose in a choppy session, as the market found support from a rebound in durable goods orders, and strength in financial stocks. Bobbi Rebell reports.
Wall Street rose in a choppy session despite a big downturn in the Chinese stock markets. Spurring the buying: Durable goods orders surged in January. Higher oil prices reduced fears that banks could be hit by debt defaults as well. And markets are looking ahead to this weekend's G20 meeting, says Stifel's Chad Morganlander: (SOUNDBITE) CHAD MORGANLANDER, PORTFOLIO MANAGER, STIFEL, (ENGLISH) SAYING: "Investors want to see if there's going to be an additional fiscal accommodation from the developed markets as well as from China." In other economic news, jobless claims rose last week but remained under the threshold associated with a strong labor market. Domino's Pizza shares soaring. Digital ordering technologies and falling prices for cheese helped boost profit at the chain. Falling sales of mobile devices hurt quarterly revenue at Best Buy, and the electronic retailer issued a weak outlook. Restoration Hardware's shares got hammered. It sees profit falling by a fifth in the current quarter. Promotions couldn't get its high-end customers to buy more goods. Salesforce.com, the barometer for the cloud-computing sector, raised its full year outlook. That drove up shares of other cloud software companies. In Europe, strong earnings from the bank, Lloyds, spurred stocks sharply higher.