Stocks Open Higher As Oil Prices Rally; Dow Jumps Over 100 Points

U.S. stocks opened sharply higher on Thursday, as oil prices surged on chatter that Russia and OPEC may cut output. Shares of Facebook Inc. surged on the back of a well-received earnings report, helping lift the Nasdaq composite. The S&P 500 opened 17 points, or 0.9%, higher at 1,900, with the energy sector leading the gains, up 3%. The Dow Jones Industrial Average gained 120 points, or 0.8%, to 16,060. Meanwhile, the Nasdaq Composite began the day up 60 points, or 1.4%, at 4,530.