The major averages on Monday extended last week's stout gains as crude oil jumped on increasing expectations that producers will cut output.
The Nasdaq and the S&P 500 each rose 1.5%, while the Dow Jones industrial average climbed 1.4%. All three indexes ended near their intraday highs. However, volume fell 12% on the NYSE and 6% on the Nasdaq compared to Friday, according to preliminary data.
Oil stocks outperformed in the stock market today after crude prices jumped 5% to more than $33 a barrel. The International Energy Agency said it sees prices starting to recover next year as oil producers reduce output. Marathon Oil (MRO) jumped 11%, while Murphy Oil (MUR) climbed 7%. Both remain more than 60% off their 52-week highs, however.
Meanwhile, shares of Fitbit (FIT), the maker of wearable health-tracking devices, plunged as much as 14% after hours following a disappointing Q1 outlook. The company reported Q4 earnings of 35 cents a share, up 84% and well above the consensus view of 25 cents. Sales surged 92% to a quarterly record $712 million. It's targeting a penny per share in Q1 earnings on sales of $430 million, which would be up 28%.
Fitbit ended the regular session 68% below its post-IPO peak of 51.90 set on Aug. 5.
Nautilus (NLS), a maker of fitness equipment, was down slightly in post-session trading following its Q4 results. The recent new IBD Sector Leader (see the feature in Monday's paper on B5) has been trying to retake a 21.06 buy point.
Macy's (M), Toll Bros. (TOL), Norwegian Cruise Lines (NCLH) and Extra Space Storage (EXR) are among companies due to report quarterly results Tuesday.
Economic data scheduled for Wednesday include new-home sales for January, mortgage applications for the week ended Feb. 20 and crude oil inventories for the week ended Feb. 20.
