Stocks Closed with Solid Gains

U.S. stocks closed with solid gains on Thursday as strong U.S. manufacturing data pointed to a recovery in the struggling sector. The Dow Jones Industrial Average gained 212.30 points, or 1.29%, to 16,697.29. The S&P 500 rose 21.90 points, or 1.13%, to 1,951.70. The Nasdaq Composite was up 39.60 points, or 0.87%, to 4,582.21.

Orders for U.S. durable goods rose more than expected in January as demand picked up across the board, offering a ray of hope for the downtrodden manufacturing sector.

Oil futures erasing early losses to end sharply higher on Thursday. Brent crude rose 88 cents, or 2.6%, to end at $35.29 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures rose 92 cents, or 2.9%, to finish at $33.07 a barrel.

Gap Inc. had net income of $214 million, or 53 cents per share, for the fourth quarter ending Jan. 30, down from $319 million, or 75 cents per share, during the same period last year, the company said Thursday.

Facebook Inc. rolled out a new product for advertisers worldwide Thursday that will bring more immersive ads to users’ timelines. Called Canvas, the product allows advertisers to combine video, still images and copy in an ad.

Halliburton Co. said it is slashing 5,000 positions, or 8% of its global workforce, the latest sign of weakness in the energy sector struggling to cope with a commodities rout.