Crude oil rises above $33, markets close higher

The markets extended its gains in late afternoon trading to close higher with the Dow soaring 125 points to 16,069 as crude oil prices rose to settle above $33 per barrel. Nasdaq climbed 38 points to 4,506.

On the upside

SunCoke Energy (NYSE: SXC) reversed year ago losses to post a profit for the fourth quarter.

Shares of Encana (NYSE: ECA) and Vanguard Natural Resources (NYSE: VNR) soared as crude oil prices rebounded.

Cirrus Logic (Nasdaq: CRUS) reported sharply higher third quarter earnings as revenue climbed.

On the downside

Silicon Graphics International (Nasdaq: SGI) reported a loss for the second quarter and the company filed a universal shelf registration to offer up to $75 million in stock, securities and/or warrants.

Extreme Networks (Nasdaq: EXTR) reported a second quarter loss on lower revenue.

United Rentals (NYSE: URI) disappointed with lower fourth quarter earnings that fell far short of analyst expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 climbed 10 points to 1,893. Bitcoin fell $11 to $383.

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