Stocks extended gains on Tuesday morning as crude oil enjoyed an unexpected surge above $44 a barrel.
The S&P 500 was up 0.9%, and the Nasdaq added 0.7%. The Dow Jones Industrial Average climbed 1%, its best gains since mid-April.
Crude oil rocketed higher by mid-morning Tuesday even as Kuwait confirmed targets for record production of 4 million barrels a day. Prices have been under pressure as a global supply glut continues unabated. West Texas Intermediate crude oil recovered from slight losses earlier in the session to trade 1.6% higher at $44.12 a barrel.
Stocks ended Monday's session mixed as crude rallied then sold off. Oil closed below $44 a barrel on Monday as progress was made in fighting a massive wildfire in Canada. The blaze brought relief to an oversupplied oil market as 11 producers and three pipeline operators were forced to limit operations.
Job openings in March hit their highest level since mid-2015, according to the latest Job Openings and Labor Turnover Survey. March job opening rose to 5.76 million, while the hiring rate was slightly lower at 3.7% from 3.8% in February.
Gap (GPS - Get Report) fell 12% after warning of lower-than-expected sales in its first quarter. The retailer, which reports on May 19, said quarterly sales fell 6% to $3.44 billion, a steeper decline than an expected 3% drop. The company is also evaluating options for its international Old Navy and Banana Republic chains.
Credit Suisse (CS - Get Report) posted a quarterly loss that was narrower than expected as it made progress on cost cuts. The Swiss lender did see a sharp decline from quarterly profit to loss over the first three months of the year as markets suffered from a selloff to start 2016. January and February were "some of the most difficult markets on record," said CEO Tidjane Thiam. Shares were up 3%.
Allergan (AGN - Get Report) rose 5% after announcing a new $10 billion stock repurchase program. The drugmaker said it plans to repurchase $4 billion to $5 billion in stock over the next four to six months. The company also earned an adjusted $3.04 a share in its first quarter, 4 cents higher than estimates.Allergan is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio . Want to be alerted before Cramer buys or sells AGN? Learn more now.
Lumber Liquidators (LL - Get Report) tumbled 12% as it continued to face the fallout from a product safety scandal last year. The flooring company reported a first-quarter loss of $1.20 a share, far steeper than a loss of 29 cents a share a year earlier. Expenses surged 20% after legal fees increased $13.5 million. The company has been in embroiled in legal issues since it was accused of selling laminate flooring containing carcinogenic chemicals.
Dean Foods (DF - Get Report) climbed 2% after topping first-quarter estimates. The milk and dairy company earned an adjusted 45 cents a share, 7 cents above expectations. Revenue fell to $1.88 billion as total volume slid 3.2%, though was as expected.