Wall Street recap: Energy gains lift stocks, offsetting drop in banks

Energy gains lift stocks, offsetting drop in banks

NEW YORK Alate-day surge left stocks with modest advances yesterday as a jump in the price of oil lifted energy companies and offset weakness in bank shares.

The gains came a day after strong profit reports from JPMorgan Chase & Co. and Intel Corp. vaulted the Dow Jones industrials above the 10,000 level for the first time in a year. Stocks spent most of the day lower but rallied in the final 15 minutes of trading ahead of quarterly reports from Google Inc., IBM Corp. and chip maker Advanced Micro Devices that arrived after the closing bell. All three topped expectations and could help the market extend its gains if reports due early today from General Electric Co. and Bank of America Corp. aren't spoilers.

Analysts say the market's late bounce signals that investors are still looking to get into the market.

"People are trying to buy on the dips," said Andrew Neale, partner and portfolio manager at Fogel Neale Partners in New York. "There is so much money waiting on the sidelines."

The Dow rose 47.08, or 0.5 percent, to 10,062.94.

Gains in energy companies, including refiner Tesoro Corp. and Chevron Corp., helped offset losses in financial stocks after disappointing earnings from Goldman Sachs Group Inc. and Citigroup Inc. Tesoro advanced $1.25, or 8.6 percent, to $15.83, while Chevron rose $1.23, or 1.6 percent, to $76.69.