A rebound in oil prices added to optimism sparked by earnings reports that beat low expectations, lifting stocks just a couple percentage points away from record highs. Bobbi Rebell reports.
A winning day on Wall Street. Stocks got a lift thanks to better-than-expected earnings, and a rebound in oil prices. The major indices continue to march towards record high levels. Ross Gerber, CEO of Gerber Kawasaki: (SOUNDBITE) ROSS GERBER, CEO, GERBER KAWASAKI, (ENGLISH) SAYING: "If the S&P continues to stay about 2100 the computer buying is going to come in and because that is just basically the trends are shifting from bearish to bullish so then the computers shift and that should push the market up to new highs. Where we go from there is going to be determined a lot by earnings and the overall economy. " After the closing bell, American Express reporting earnings above forecasts, and confirming their outlook for the year. Coca-Cola shares down after sales dropped for the fourth straight quarter. Lexmark jumping after it agreed to be taken private for $3.6 billion by a group of investors led by China-based Apex Tech and PAG Asia Capital. Microsoft will stop production of its popular but older generation Xbox 360 video game console. Customer support will continue and the company will sell out existing inventory of the consoles. U.S. home re-sales rose more than expected in March, pointing to a continued recovery in the housing market, despite signs of sluggish first-quarter economic growth. Volkswagen will pay each affected U.S. customer $5,000 as part of a deal with U.S. authorities to settle the case over its cheating diesel emission tests. That according to a German newspaper. European stocks also got a lift from that rally in oil prices, along with gains in banking stocks.