NEW YORK (AP) — U.S. stocks are trading higher as oil companies are surging along with the price of oil and strong earnings reports propel Facebook and Under Armor.
The price of oil rose 6 percent Thursday as the Russian government continued talks with Saudi Arabia and OPEC about cutting production.
Facebook shares surged after it reported that its profit more than doubled Thursday. eBay's shares tumbled on disappointing guidance.
The Dow Jones industrial average rose 129 points, or 0.8 percent, to 16,073 as of 9:35 a.m. Eastern time.
The Standard & Poor's 500 index rose 19 points, or 1 percent, to 1,902. The Nasdaq composite rose 63 points, or 1.4 percent, to 4,531.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.03 percent.