Stocks Ended Higher, Fueled by Rally in Oil

U.S. stocks finished higher on Thursday, as a sharp rebound by oil futures helped the main indexes rebound from a Wednesday rout that had pushed them below their August lows. The Dow Jones Industrial Average gained 115.94 points, or 0.74%, to 15,882.68. The S&P 500 rose 9.66 points, or 0.52%, to 1,868.99. The Nasdaq Composite was yo 0.37 points, or 0.01%, to 4,472.06.

Oil futures settled with a gain of more than 4% on Thursday, rebounding on the back of what analysts referred to as “oversold” conditions. March West Texas Intermediate crude jumped $1.18, or 4.2%, to settle at $29.53 a barrel on the New York Mercantile Exchange, after trading as high as $30.25.

Starbucks Corp. (SBUX)’s second-quarter outlook fell short of Wall Street estimates. SThe company forecast adjusted fiscal second-quarter earnings of 38 cents to 39 cents a share. Starbucks reported first-quarter earnings of 46 cents a share on revenue of $5.37 billion.

Schlumberger Ltd. (SLB) reported better-than-expected adjusted fourth-quarter earnings and quarterly sales in line with Wall Street consensus. It earned an adjusted 65 cents a share in the quarter, down from $1.50 a share in the year-ago period. Revenue hit $7.74 billion, down from $12.64 billion in the year-ago period.

Boeing Co. (BA), the aircraft maker, said it would cut back production on 747s to 0.5 plane per month by September from one currently. The company will report a $569 million after-tax charge in the fourth quarter.