Investing.com - Better-than-expected earnings from U.S. retail giant Wal-Mart Stores Inc (NYSE:WMT) offset falling energy stocks and sent U.S. equities indices rising on Thursday.
At the close of U.S. trading, the Dow 30 rise 0.23%, the S&P 500 index rise 0.05%, while the NASDAQ Composite index rose 0.11%.
The S&P 500 VIX index, which measures the outlook for market volatility, was up 5.91% at 13.79.
Wal-Mart reported earnings per share of $1.15, or $3.71 billion, and revenue at $119 billion, both figures topping analyst expectations of around $118.4 billion and $1.12, respectively, which drew applause on Wall Street.
The earnings, which fueled hopes for more sustained U.S. recovery, offset slumping energy stocks, the product of falling oil prices.
Crude oil took a hit after the National Bureau of Statistics of China reported that industrial production fell to a 7.7% growth in October from 8.0% in the preceding month.
Analysts had expected growth to remain unchanged at 8.0% in the Asian giant, and the disappointing figure exacerbated growing concerns that supply far outstrips demand.
Elsewhere, expectations that OPEC countries will not cut output to relieve a global supply glut pressured prices lower as well.
Oil ministers from Saudi Arabia and Kuwait have resisted calls to lower production, while Libya, Venezuela and Ecuador have asked for action to prevent further price declines.
The 12-member oil cartel is scheduled to meet in Vienna on Nov. 27 to discuss whether to adjust their production target for 2015.
Those expressing a willingness to let prices slide are doing so on the presumed expectations that U.S. shale producers will halt operations as a result, as such production costs more than traditional drilling.
Once U.S. shale producers table their operations for profitability reason, prices would presumably rise as the global economy absorbs excess supply.
Leading Dow Jones Industrial Average performers included Wal-Mart Stores Inc (NYSE:WMT), up 4.73%, Cisco Systems Inc (NASDAQ:CSCO), up 2.29%, and Boeing Company (NYSE:BA), up 2.08%.
The Dow Jones Industrial Average's worst performers included Caterpillar Inc (NYSE:CAT), down 1.84%, Chevron Corporation (NYSE:CVX), down 1.03%, and Procter & Gamble Company (NYSE:PG), down 0.96%.
European indices, meanwhile, ended the day higher.
After the close of European trade, the DJ Euro Stoxx 50 rose 0.31%, France's CAC 40 rose 0.19%, while Germany's DAX rose 0.41%. Meanwhile, in the U.K. the FTSE 100 rose 0.37%.
On Friday, expect markets to move on U.S. retail sales data and the Thomson Reuters/University of Michigan consumer sentiment index.