Stocks Opened Higher With Energy Tracking Oil

U.S. stocks opened higher on Friday, with energy shares following a rally in oil, amid speculation central banks around the world will act to support the global economy. The Dow Jones Industrial Average lately added 229.29 points, or 1.44%, to 16,111.97. The S&P 500 gained 32.80 points, or 1.75%, to 1,901.79. The Nasdaq Composite was up 91.01 points, or 2.04%, to 4,563.06.

Oil rose by more than 6 percent on Friday, as a cold snap boosted demand for heating oil across the United States and Europe, Brent was up $1.92 at $31.17 a barrel by 1200 GMT, off this week’s 2003 low of $27.10 and heading for a more than 6 percent weekly gain, while U.S. crude rose $1.59 to $31.12.

Overall for the period ended Dec. 31, GE reported a profit of $6.28 billion, or 64 cents a share, compared with a profit of $5.15 billion, or 51 cents a share, a year earlier.

General Electric Co. on Friday reported growth in its core earnings and revenue for the fourth quarter, though profit in its industrials business slid amid weakness in its oil-and-gas business. For the period ended Dec. 31, GE reported a profit of $6.28 billion, or 64 cents a share, compared with a profit of $5.15 billion, or 51 cents a share, a year earlier.

Some of Apple Inc’s main Asian suppliers expect revenues and orders to drop this quarter, indicating iPhone sales are almost certain to post their first annual decline since the flagship product was launched almost a decade ago.