Stocks Open Modestly Higher; Oil Surges on Alberta Wildfire – Investor’s Business Daily

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The stock market opened modestly higher Thursday, as oil prices surged.

The Dow Jones industrial average, S&P 500 and Nasdaq each rose around 0.3%.

Crude oil for June delivery jumped 4.5% to $45.76 a barrel, spooked by a wildfire in oil-rich Alberta, Canada. June gold, meanwhile, added 1% to around $1,287 an ounce.

Early gainers in the Dow included Chevron (CVX), Exxon Mobil (XOM), IBM (IBM) and DuPont (DD). All showed gains of around 1%.

In the stock market today, earnings reports once again took center stage. Tesla (TSLA) added 1%. Sellers had been in the stock ahead of its earnings report late Wednesday. An adjusted loss of 57 cents a share was slightly better than expected. Sales rose 22% to $1.15 billion. RBC Capital raised Tesla’s price target to 252 from 180.

Alibaba (BABA) jumped 5% in the early going as investors shrugged off an earnings miss, instead focusing on a strong quarter of top-line growth.

Weight Watchers (WTW) surged 14% on strong earnings. The stock jumped in October on news Oprah Winfrey was taking a 10% stake in the company.