Opening Bell: U.S. Stocks Higher on Facebook and Oil Rally

U.S. stocks kicked off Thursday’s trading session to the upside, as a rally in oil prices and a blowout fourth quarter from Facebook fueled investor optimism.
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U.S. stocks kicked off Thursday’s trading session to the upside, as a rally in oil prices and a blowout fourth quarter from Facebook (FB) fueled investor optimism. Even though oil reached its highest level in three-weeks, analysts don’t expect the rally to continue. 'I think the bottom is going to be more like the low 20s. I think we're seeing a temporary correction at this moment maybe back towards the high 30s,’ said Craig Erlam, a senior market analyst at Oanda, based in London. Plus, Chinese e-commerce giant Alibaba (BABA) eclipsed quarterly estimates on both the top and bottom lines, as mobile sales tripled during the quarter. Profit doubled year-over-year. Also, Ford (F) posted better than expected earnings of $0.58 a share, compared to estimates of $0.51 as demand for larger vehicles rose amid lower gas prices. Finally, the New York Post reported that Amazon (AMZN) is creating its own music streaming service in an effort to compete with Apple’s (AAPL) Apple Music and Spotify. Amazon is already a formidable player in the streaming video space with Amazon Prime, which competes with Netflix (NFLX). TheStreet’s Scott Gamm reports from Wall Street.