Stocks moved higher midday Tuesday, lead by energy stocks as oil prices rallied again. Crude prices were up more than 2%. As Yahoo Finance’s Jeff Macke points out in the associated video, that is creating interesting opportunities in companies such as Transocean (RIG), which was up more than 5% Tuesday.
Energy stocks were not the only ones rallying today. Automakers were up as well on strong U.S. sales in the month of January. General Motors (GM) led the way with an 18% jump in sales, followed by Ford (F) and Nissan (NSANY), each of which saw a 15% jump in January, and Chrysler with 14%. Trucks and SUVs were the big winners. Ford’s new F-150 had its best month since the truck set a sales record in January of 2004.
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Earnings will be in focus after the close Tuesday when Dow (^DJI) component Disney (DIS) reports quarterly results. Wall Street has high hopes for the company to deliver strong numbers on the back of the “Frozen” frenzy and in spite of a measles outbreak at its Disneyland resort in California. If Disney does meet or beat analysts’ estimates, it will be the 15th consecutive quarter the company beats the street.
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