Bulls Spring Into Action

Gains by the major indices came even as OPEC ministers have decided to again reduce production, this time by 500,000 barrels a day in February. Earlier this fall, OPEC said it was lowering output by 1.2 million barrels a day in order to prop up prices, but many analysts aren't convinced the implemented curtailment has actually been that steep.

At any rate, the prospects of less supply on the market had oil finishing higher by $1.14 at $62.51 a barrel. Other energy contracts and precious metals finished the session narrowly mixed.

Back in the U.S., Lehman Brothers (LEH Quote) and Bear Stearns (BSC Quote) posted strong quarterly numbers. Earnings at Bear Stearns rose 38% from a year ago, while Lehman's profit was up 22% in the quarter ended Nov. 30.

Shares of Lehman Brothers eased 0.4% to $76.08, while Bear Stearns rose 2.6% to close at $159.96.

Earlier this week, Goldman Sachs (GS Quote) reported 93% year-over-year profit growth for the fourth quarter.

Also among earnings, wholesale retailer Costco (COST Quote) posted fiscal first-quarter net income of $236.9 million, or 51 cents a share, up 10% from a year ago. Quarterly revenue rose to $14.15 billion from $12.93 billion last year. The Thomson First Call consensus was for earnings of 50 cents a share on revenue of $14.06 billion. Costco added 97 cents, or 1.8%, to $54.11.