US stocks finished higher on Wednesday as a rally in oil prices helped offset worries about the global economic recovery.
The Dow Jones Industrial Average rose 38.45 points, or 0.31%, to finish at 12,394.66. The S&P 500 added 4.19 points, or 0.32%, to close at 1,320.47. The Nasdaq Composite climbed 15.22 points, or 0.55%, to 2,761.38.
The Commerce Department reported Wednesday that orders of durable orders fell 3.6% last month, versus a forecasted 2% decline.
NYMEX crude oil for July delivery rallied $1.73 or 1.7% to close at $101.32 a barrel.
Polo Ralph Lauren Corp. (NYSE: RL) said Wednesday that its fiscal fourth-quarter profit dropped to $73.2 million, or 74 cents a share, from $114.1 million, or $1.13 a share, in the year-ago quarter. Revenue increased 7.1% to $1.38 billion. Analysts, on average, expected the company to report earnings of 79 cents a share on revenue of $1.41 billion. Shares of the company sank $14.69, or 11.35%, to close at $114.70.
Suntech Power Holdings Co. Ltd. (NYSE: STP) reported Wednesday that its first-quarter profit rose to $31.9 million, or 17 cents per American Depository Share or ADS, compared to $20.71 million, or 11 cents per share, in the prior-year quarter. Revenue climbed to $877.00 million from $588.03 million last year. Analysts, on average, expected the company to report earnings of 36 cents per share on revenue of $864.82 million. Shares of the company slumped 25 cents, or 3.26%, to $7.41.
Shares of DryShips, Inc. (NASDAQ: DRYS) rallied 12 cents, or 3.31%, to close at $3.75.
European stocks closed up. The UK FTSE rose 11.73 points, or 0.20% to 5,870.14. The German DAX and French CAC increased 0.28% and 0.31% respectively.
Asian stocks finished lower. The Nikkei 225 fell 54.29 points, or 0.17%, to 9,422.88. The Hang Seng index of Hong Kong added 16.50 points, or 0.07%, to 22,747.28.
Full Disclosure: None.