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U.S. stocks rally; Disney drops

Tuesday, May 10, 2016 - 01:10

Stocks rose strongly across the baord, but Disney shares fell after hours on disappointing earnings. Fred Katayama wraps up the day's market action.

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Disney shares fell after-hours. The Mouse House's quarterly revenue and profit rose but fell short of forecasts. Earlier on Wall Street, stocks surged across the board, driving the big indexes up 1-and-a-quarter percent. Leading the charge: energy stocks as oil prices rose. Companies beating Wall Street's estimates are helping investors regain confidence according to OppenheimerFunds Alec Young: (SOUNDBITE) ALEC YOUNG, INVESTMENT STRATEGIST, OPPENHEIMERFUNDS (ENGLISH) SAYING: There's a lot of people on the sidelines on the fence, cautious. They are relieved that the markets have recovered from earlier in the year, but they don't really believe that it can continue." Amazon among the stocks boosting the S&P 500 and the Nasdaq. The company's stock hit an all time high. It launched a new video service Tuesday to compete with Alphabet's YouTube and bolster its arsenal against Netflix. And Bernstein set a $1,000 price target on the stock. Gap shares tanking a day after announcing sales dropped for the fifth straight quarter. SolarCity also down after the company cut its forecast for solar panel installations. And its quarterly net loss widened. Allergan surged after the Botox maker said it's buying back up to $10 billion in company stock, and it swung to a quarterly profit from a loss last year. European shares rose lifted by news of progress on Greek debt talks.

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U.S. stocks rally; Disney drops

Tuesday, May 10, 2016 - 01:10