NEW YORK—U.S. stocks are rising Tuesday as the price of oil makes another abrupt reversal, this time rising more than 6 percent after falling by about that much a day ago. Banks are also climbing, and consumer stocks are getting a lift from strong fourth-quarter results from companies like Procter & Gamble and handbag maker Coach.
KEEPING SCORE: The Dow Jones industrial average rose 272 points, or 1.7 percent, to 16,157 as of 1:30 p.m. Eastern time. The Standard & Poor’s 500 index climbed 27 points, or 1.5 percent, to 1,903. The Nasdaq composite added 59 points, or 1.3 percent, to 4,577.
ENERGY RISES: Energy stocks made early gains as the price of U.S. crude rose $1.96, or 6.5 percent, to $32.30 a barrel in New York. It fell almost 6 percent Monday. Brent crude, a benchmark for international oils, gained $2.14, or 7 percent, to $32.64 a barrel in London. Exxon Mobil picked up $2.53, or 3.4 percent, to $76.52 and Chevron rose $3.35, or 4.1 percent, to $84.24.
IN THE BAG: Luxury handbag maker Coach reported a greater profit than analysts had expected, and its stock rose $3.53, or 11.6 percent, to $33.88. Even with that big gain, however, it’s down 9 percent over the last 12 months.
3M POSTS GROWTH: The maker of Post-it notes, industrial coatings and ceramics reported a greater profit and more revenue than analysts expected. 3M also backed its annual profit forecast. It rose $6, or 4.4 percent, to $143.57.
P&G PRICE GAINS: Consumer goods maker Procter & Gamble reported a larger profit in the fourth quarter as it raised prices and cut costs. The maker of Pantene shampoo, Crest toothpaste and Charmin toilet paper added $2.02, or 2.6 percent, to $78.87.
BANKED: Huntington Bancshares agreed to buy competitor FirstMerit Corp for $3.4 billion. The deal would create the largest bank in Ohio, and the companies would have about $100 billion in combined assets. FirstMerit added $2.63, or 17.1 percent, to $18 and Huntington lost 82 cents, or 9.3 percent, to $7.98.
GOING TO THE ATM: Zions Bancorp added 91 cents, or 4.5 percent, to $21.40 after it reported strong fourth-quarter results on Monday. Goldman Sachs gained $4.12, or 2.7 percent, to $155.24.
