Opening Bell: U.S. Stocks Rise on Oil Rally; GE Hit By Oil

U.S. stocks opened higher on Friday following a rise in oil prices as cold weather boosts demand for the closely watched commodity. One analyst said oil is set for a rebound in due time. 'Although I do see some near-term risk on the downside, over the medium to longer term, we do see oil as a positive - we actually see it troughing in Q1,’ said Stewart Warther, a U.S. equity and derivative strategist at BNP Paribas. Meanwhile, General Electric (GE) saw a 16 percent drop in oil revenue. Though total profit rose 22 percent. Plus, American Express (AXP) was hit by the strong dollar with earnings down 38 percent over the past year. The financials giant said it will cut costs by $1 billion by the end of next year amid more competition in the payments space. TheStreet’s Scott Gamm reports from Wall Street.