Dow jumps 272 points, oil hits $88 level

January was worst month for stocks since March of 2020

U.S. stocks gathered steam in afternoon trading to close with gains as investors digested a basket of positive earnings reports. 

The Dow Jones Industrial Average rose 272 points 0.8%, while the S&P 500 and Nasdaq Composite both rose about 0.8%. 

WHITE HOUSE WARNS OMICRON SPIKE COULD SKEW JANUARY JOBS REPORT

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 32886.9 +249.71 +0.77%
SP500 S&P 500 4120.25 +62.41 +1.54%
I:COMP NASDAQ COMPOSITE INDEX 12009.315896 +268.67 +2.29%

Energy stocks topped the leader board as oil crossed the $88 per barrel level and after ExxonMobil reported profits of $2.05 a share exceeding analyst estimates by 11 cents. Revenue of $89 million also beat estimates. On Monday the oil giant announced it will move its headquarters from Irving Texas to Houston in a cost-cutting move and to streamline the business. 

EXXON MOBIL MOVING HEADQUARTERS

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 84.59 +2.11 +2.56%
XOM EXXON MOBIL CORP. 96.64 +0.34 +0.35%
CVX CHEVRON CORP. 176.59 +1.18 +0.67%

FED EXPECTED TO RAISE RATES 7 TIMES THIS YEAR TO FIGHT INFLATION, BOFA SAYS

United Parcel Service shares rose nearly 14% after revenue of $27.7 billion topped estimates. The delivery giant also boosted its dividend by 49% to $0.50 cents a share. 

Ticker Security Last Change Change %
UPS UNITED PARCEL SERVICE INC. 178.38 +4.52 +2.60%
FDX FEDEX CORP. 212.29 +7.98 +3.91%

Ford ticked up on reports it may soon announce a $20 billion commitment to advance its electric-vehicle push, per Bloomberg. 

Ticker Security Last Change Change %
F FORD MOTOR CO. 13.12 +0.41 +3.23%

Movie theater chain AMC gave a preliminary update on its quarter noting total revenues of $1.1 billion improved from the $162.5 million during the same period a year ago. Cash or liquidity reached $1.8 billion, a record for year-end. 

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 12.93 +0.71 +5.81%

In earnings news, Cedar Fair, the amusement park giant, confirmed it has received an unsolicited offer from SeaWorld. 

Ticker Security Last Change Change %
FUN CEDAR FAIR 48.23 +1.42 +3.03%
SEAS SEAWORLD ENTERTAINMENT INC 54.64 +3.09 +5.99%

In the afternoon, the focus will turn to big tech when Google parent Alphabet releases its figures. Also watch for numbers from carmaker General Motors, property and casualty insurer Chubb, coffee retailer Starbucks, digital payments pioneer PayPal and chipmaker Advanced Micro Devices, among others.  

Ticker Security Last Change Change %
GOOGL ALPHABET INC. 2,155.85 +39.75 +1.88%
GM GENERAL MOTORS CO. 37.42 +1.44 +4.00%
AMD ADVANCED MICRO DEVICES INC. 98.75 +6.10 +6.58%
SBUX STARBUCKS CORP. 74.49 +2.01 +2.77%
PYPL PAYPAL HOLDINGS INC. 80.42 +0.30 +0.37%
AMD ADVANCED MICRO DEVICES INC. 98.75 +6.10 +6.58%

LAFFER'S DIRE WARNING ON INFLATION, US ECONOMY: 'TIPPING INTO A SLOWDOWN'

Cryptocurrencies stabilized with Bitcoin hovering around the $38,000 level. 

 CLICK HERE TO READ MORE ON FOX BUSINESS

The Associated Press contributed to this report.