Stocks Stage Another Late Rally

A number of firms raised their stock price targets for Google, but the stock fell $19.45, or 3.9%, to close at $481.75.

On the Dow, ExxonMobil (XOM Quote) posted a fourth-quarter profit of $10.25 billion, or $1.76 a share, compared with earnings of $10.71 billion, or $1.71 a share, a year ago. Excluding items, the company had earnings of $1.69 a share, handily beating estimates. Shares were up 98 cents, or 1.3%, to finish at $75.08.

Other oil companies reported results as well. Valero (VLO Quote) shares jumped 3.2% after the company beat fourth-quarter estimates, while Marathon Oil (MRO Quote) was also gaining ground despite reporting a drop in fourth-quarter net income.

Boston Scientific (BSX Quote) said it had fourth-quarter net income of $277 million, or 19 cents a share, falling 17% from the year-ago period. Excluding items, the company earned 20 cents a share, beating estimates, but after the company providing weak guidance, shares lost 12 cents, or 0.7%, to $18.33.

Clorox (CLX Quote) said earnings rose 16% from a year ago to beat estimates, and Celgene (CELG Quote) reported fourth-quarter results that rose nearly sixfold.

Away from earnings, Dell reversed early gains and finished down 1.7% at $23.80 after the computer maker's founder Michael Dell said he will retake the position of chief executive. Round Rock, Texas-based Dell announced that Kevin Rollins has resigned his duties as CEO and board member.

Automakers reported sales results for January. Between the two companies struggling for leadership, General Motors (GM Quote) said U.S. sales sank 19.7% for the month, while Toyota Motor (TM Quote) said sales rose 5.1% in January.

Shares of GM rose 0.6% to $33.03, and Toyota ended the session higher by 1.1%.

Elsewhere, Ford (F Quote) said U.S. sales declined 18.9%, and DaimlerChrysler (DCX Quote) said sales rose 3.2% for the month.

Ford added 2% to $8.29, and DaimlerChrysler gained 1% to $63.12.

On the economic docket, the Institute of Supply Management's manufacturing index dropped to 49.3 in January from 51.4 the previous month. The reading came in below economists' estimates of 51.7 and was the lowest level since April 2003.