OIL CLIMBS: The price of oil rose as the Russian government continued talks with Saudi Arabia and OPEC about cutting production. U.S. crude added $1.16, or 3.6%, to $33.46 a barrel in New York. That's on top of a 6.5% climb over the previous two days. Brent crude, a benchmark for international oils, rose $1.23, or 3.6%, to $35.16 a barrel in London.
Oil prices have been on a long, steep slide as world stockpiles hit enormous levels and investors fear demand will get weaker. On Jan. 20, U.S. oil closed at a 12-year low of $26.55 a barrel.
ENERGY STOCKS: Pipeline operator Kinder Morgan added $1.31, or 9.3%, to $15.41. Devon Energy rose $2.34, or 9.6%, to $26.83. Hess, which rose almost 6% on Wednesday after it said it will cut more spending, picked up an additional $3.36, or 9.1%, to $40.21.
FEELING SICKLY: Companies that make complex, costly drugs tumbled. Cancer drug maker Celgene lost $3.72, or 3.6%, to $98.59 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 Gilead Sciences violates state law. The stocks have fallen in recent months as controversy over drug prices has increased.
Gilead fell $1.02, or 1.1%, to $88.61.
The Nasdaq biotech index fell 2.5%. That index hit a record high in July and has lost about a third of its value since then.
HEALTHCARE SLIPS: Other healthcare stocks also struggled. Abbott Laboratories lost $3.50, or 8.7%, to $36.97 after the maker of infant formula, medical devices and drugs posted quarterly profits that disappointed investors. Prescription drug distributor McKesson gave up $5.01, or 3%, to $161.91 following its quarterly report.
FACEBOOK GETS LIKES: Facebook surged after reporting that its profit more than doubled in the fourth quarter. The social networking site gained 46 million users, giving it 1.59 billion around the world. The stock rose $14.57, or 14.4%, to $109.02.
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