Stocks Turn Mixed as Oil Prices Rebound, Financials Lag, Disney Gains

Stocks traded mixed as oil prices rebound after trading lower, while financials stocks lagged. The S&P 500 and the Nasdaq saw slight gains earlier, while the Dow Jones Industrial Average stayed in negative territory. Oil prices in the U.S. rebounded Wednesday, after trading lower most of the day, up close to 1%, after declining 1.6% in the previous session following weekly data that showed a sustained build-up in U.S. oil inventory. The Energy Information Administration reported on Wednesday that crude inventories for the week ended Feb. 4, increased by 13.8 million barrels, much more than than expected. Walt Disney (DIS) - Get Report shares rose after the company said adjusted earnings in its fiscal first quarter fell 10% year over year to $1.55 a share but still topped analysts' estimates of $1.49. Revenue declined 3% in the quarter ended Dec. 31, to $14.78 billion and fell short of Wall Street's projected $15.27 billion. Gilead Sciences (GILD) - Get Report tumbled over 9% after the biotech company said total product sales would decline sharply in 2017, hurt by falling patient demand and lower net prices for the company's hepatitis C drugs.