U.S. stocks rose on Thursday as higher profits from biotech company Genentech Inc. (NYSE:DNA - news)brightened the outlook for corporate earnings at the start of the reporting period.
Oil futures fell further, but some energy stocks rebounded as technical indicators suggested the shares were cheap after days of heavy selling. Meanwhile, the drop in oil prices eased pressure on consumers and fuel-dependent industries, such as manufacturing and transportation.
Genentech (DNA.N) is one of the biggest companies to report earnings, following aluminum maker Alcoa Inc. (NYSE:AA - news), which gave better-than-forecast results on Tuesday.
"The question is, will fourth-quarter earnings hold up to even lowered expectations, and so far it looks pretty good when you consider Genentech and Alcoa," said Peter Dunay, investment strategist at Leeb Capital Management in New York.
The Dow Jones industrial average (^DJI - news) was up 37.89 points, or 0.30 percent, at 12,480.05. The Standard & Poor's 500 Index (^SPX - news) was up 5.35 points, or 0.38 percent, at 1,420.20. The Nasdaq Composite Index (^IXIC - news) was up 13.70 points, or 0.56 percent, at 2,473.03.
Genentech stock rose to 3.5 percent to $86.66 on the NYSE.
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