NEW YORK — A late-day surge left stocks with modest advances Thursday 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. The Dow tacked on another 47 points.
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 chipmaker 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 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.”
A rise in oil prices to their highest level in nearly a year lifted energy stocks and, in turn, the overall market. Gains in companies such as refiner Tesoro Corp. and Chevron Corp. helped offset losses in financial stocks after earnings from Goldman Sachs Group Inc. and Citigroup Inc. disappointed investors.
The Dow rose 47.08, or 0.5 percent, to 10,062.94, its highest close since Oct. 3, 2008. The broader Standard & Poor’s 500 index rose 4.54, or 0.4 percent, to 1,096.56. The Nasdaq composite index rose 1.06, or 0.1 percent, to 2,173.29.
