Oil rises; Facebook lifts stocks

U.S. stocks rose Thursday as the price of oil climbed for the third day in a row while key oil-producing nations discussed cuts in production. Tech and consumer stocks traded higher, led by Amazon and PayPal.

Facebook made its biggest leap in 21/2 years after it said its profit more than doubled in the fourth quarter. The social network finished 2015 with almost 1.6 billion users. Sports apparel maker Under Armour also surged. Energy prices and companies rose as Russia, Saudi Arabia and OPEC discussed production cuts.

The Dow Jones industrial average climbed 125.18 points, or 0.8 percent, to 16,069.64. The Standard & Poor's 500 index picked up 10.41 points, or 0.6 percent, to 1,893.36. The Nasdaq composite index rose 38.51 points, or 0.9 percent, to 4,506.68.

U.S. crude rose 92 cents, or 2.8 percent, to $33.22 a barrel in New York. Brent crude, a benchmark for international oils, gained 79 cents, or 2.4 percent, to $33.89. The price of U.S. oil has climbed 9.5 percent over the last three days as investors hope production will be reduced.

Facebook surged after reporting that its profit more than doubled in the fourth quarter. The social networking site gained another 46 million users, giving it 1.59 billion around the world. The stock rose $14.66, or 15.6 percent, to $109.11, its best day since July 2013.

Facebook's results lifted the four big-name "FANG" stocks: Facebook, e-commerce giant Amazon, streaming video company Netflix, and search engine operator Google. Amazon advanced almost 9 percent, while Google's parent company, Alphabet, and Netflix both rose about 4 percent.

However Amazon reported disappointing fourth-quarter results after the market closed, and its shares tumbled 14 percent in aftermarket trading.

E-commerce site eBay took its worst one-day loss in seven years after its guidance for the current quarter and the year disappointed investors. The stock lost $3.29, or 12.5 percent, to $23.13. EBay's former payment unit PayPal reported strong results and added $2.65, or 8.4 percent, to $34.24. That was the best result for PayPal since the company was spun off from eBay in July.

Sports apparel maker Under Armour reported a larger-than-expected profit and better revenue than analysts had forecast. The company said shoe revenue almost doubled on strong sales of Stephen Curry basketball sneakers. Its stock climbed $15.49, or 22.1 percent, to $84.07, for its biggest one-day gain in two years.

Drug stocks tumbled, and the biggest losses went to companies that make complex, costly drugs. Cancer drug maker Celgene lost $5.10, or 5 percent, to $97.21 after its 2016 estimates disappointed investors.

The Massachusetts attorney general's office said Wednesday it is investigating whether the high price of a new hepatitis C drug from another biotech firm, Gilead Sciences, violates state law. Gilead fell $2.10, or 2.3 percent, to $87.53.