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Rising crude prices lift U.S. stocks

Wednesday, February 17, 2016 - 01:20

U.S. stocks marked three consecutive days of gains after rising oil prices boosted energy stocks. Shartia Brantley reports.

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U.S. stocks moved higher for the third straight day as rising oil prices boosted energy stocks. While many headwinds remain, investor confidence in the market is growing. Meridian Equity Partners' Jonathan Corpina: SOUNDBITE:JONATHAN CORPINA, MANAGING PARTNER, MERIDIAN EQUITY PARTNERS IN (ENGLISH) SAYING: "It seems like there is less fear in the market than there was last week.That doesn't mean the problems have gone away, that the issues aren't still there, and clearly the concerns are there, but just right now it seems like investors have removed their fear of which way this market is going to turn." Shares of pipeline operator Kinder Morgan moved higher after Berkshire Hathaway purchased a $400 million stake. T-Mobile's shares rose after it reported profit nearly tripled in the fourth quarter. The wireless provider also added 2 million subscribers. A surge in hotel and rental car bookings lifted Priceline Group's quarterly profit, sending shares higher. Fossil shares jumped after beating earnings expectations despite the negative impact of the strong U.S. dollar. U.S. housing starts unexpectedly fell in January, permits also fell slightly. Producer prices rose in January and there were signs of an uptick in underlying producer inflation. European markets closed higher as investors cheered the recovery in oil prices and mining stocks.

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Rising crude prices lift U.S. stocks

Wednesday, February 17, 2016 - 01:20