Closing Bell: U.S. Stocks End Higher; Avon Jumps on Turnaround Efforts

It was a touch-and-go afternoon on Thursday with stocks briefly turning mixed before bouncing back into the green at the closing bell. A surge in crude oil prices helped to boost sentiment among traders with energy the best performing sector on Wall Street. IBM (IBM) climbed after agreeing to acquire video streaming company Ustream. The tech giant said the new acquisition will appeal to corporate clients looking to produce video for webinars and marketing purposes. Avon Products (AVP) surged after committing to cut costs by $350 million over the next three years. The cosmetics company also said overseas sales excluding currency effects jumped 2 percent last year, boosting hopes of a turnaround. TheStreet's Keris Lahiff has details from Wall Street.