Closing Bell: Sprint Scores Best Gain in Two Years; Stocks Jump

Stocks scored their first weekly gain since the week of Christmas. Markets rallied after crude oil jumped 9%, its best one-day gain since August. Oil ended the day above $32 a barrel again. Sotheby's (BID) ended the day higher after announcing it would eliminate its quarterly dividend, effective immediately. The auction house also added $200 million to its stock buyback program. Cigna (CI) fell after U.S. regulators temporarily banned the health insurer from offering certain policies to new patients. Sprint (S) saw its best daily performance in more than two years after moving up the date it will report earnings. Shares hit their lowest levels in several years this week.