The stock market held on to modest gains near midday Thursday as Wall Street weighed more earnings reports and a jump in oil prices.
The Dow Jones industrial average, S&P 500 and Nasdaq each rose around 0.3%. Volume on the NYSE and Nasdaq was tracking very close to Wednesday's levels in the stock market today.
Crude oil for June delivery jumped nearly 3.5% to $45.33 a barrel, spooked by a wildfire in oil-rich Alberta, Canada.
Top gainers in the Dow near midday included Chevron (CVX), IBM (IBM) and Travelers (TRV). All showed gains of 1%-2%.
Other movers included Atlas Air (AAWW), which surged 21% after Bloomberg reported Amazon (AMZN) could take up to a 30% stake in the cargo airline. Shares of Amazon eased 0.5%.
Inside the IBD 50, staffing firm AMN Healthcare (AHS) rebounded sharply after paying a visit to its 50-day moving average Wednesday. Shares rose 4.5%. Earnings are due after the close. Quarterly profit is seen rising 67% to 50 cents a share.
LGI Homes (LGIH) gained 1.5% as it works on a cup-with-handle base. The company on Wednesday said homes closed in April totaled 341, up nearly 28% from the year ago period. Earnings are due May 10 before the open.
Elsewhere, earnings reports once again took center stage. Tesla (TSLA) reversed lower, falling nearly 4%. Shares traded nicely higher in Wednesday's after-hours session and Thursday's premarket session, but the enthusiasm faded quickly. An adjusted loss of 57 cents a share was slightly better than expected. Sales rose 22% to $1.15 billion.
Alibaba (BABA) jumped 4% as investors shrugged off an earnings miss, instead focusing on a strong quarter of top-line growth.
