US stocks turn higher as oil rebounds; Nike, Darden report strong results

Energy Associated Press

Stocks were moving higher Friday as oil prices recovered from their decline the previous day. Strong earnings from restaurant chain Darden and Nike also helped lift the market.

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KEEPING SCORE: The Dow Jones industrial average rose 126 points, or 0.7 percent, to 18,084 as of 10:07 a.m. Eastern. The Standard & Poor's 500 index rose 13 points, or 0.6 percent, to 2,103 and the Nasdaq composite rose 36 points, or 0.7 percent, to 5,029.

ENERGY: After dropping more than 3 percent Thursday, oil was up $1.39, or 3 percent, to $46.86 a barrel. Energy stocks rose far more than the rest of the market, with the S&P 500 Energy sector up 1.3 percent.

EARNINGS: Nike jumped $3.63, or 3.7 percent, to $101.95 after reporting quarterly results that beat expectations. Also reporting strong results was Darden, owner of Olive Garden. Its shares rose $1.49, or 2 percent, to $66.36.

U.S. ECONOMY: Sentiment was dampened by data Thursday showing that weekly applications for unemployment aid edged up last week. That came after stocks surged Wednesday on news the Federal Reserve was in no hurry to raise ultra-low interest rates that have helped lift stock and bond prices.

CURRENCY: The dollar gained to 120.93 yen from Thursday's 120.76 yen. The euro rose to $1.0736 from the previous day's $1.0668.