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Stocks Climb but Oil Sinks After Rise in Supplies

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NEW YORK (TheStreet) -- Stocks climbed on Thursday as investors digested a range of earnings reports from Citigroup (C - Get Report) to Netflix (NFLX - Get Report) .

The S&P 500 was up 0.44%, the Dow Jones Industrial Average added 0.23%, and the Nasdaq gained 0.64%.

Crude oil fell after a weekly rise in inventories flamed fears over a demand-supply imbalance. U.S. crude stocks increased by 7.6 million barrels over the week ended Oct. 9, according to the Energy Information Administration. Analysts had expected stocks to rise by 1.8 million barrels. West Texas Intermediate slid 1.9% to $45.74 a barrel.

Citigroup climbed 1.7% after reporting better-than-expected net income in its third quarter, driven by a decrease in operating and legal costs. The bank earned $1.35 a share, up from 88 cents a share in the year-ago quarter. Analysts had expected the bank to report earnings of $1.28 a share.

Goldman Sachs (GS - Get Report) was slightly higher even as third-quarter profit slumped after market volatility hurt trading demand. Net income fell to $2.90 a share, down from $4.57 a share a year earlier, and missed estimates of $2.91. Revenue fell to $6.86 billion and fell short of forecasts of $7.13 million.

Netflix plunged more than 8% on weaker-than-expected growth in subscribers over its third quarter. The streaming service ended the quarter with 69.17 million subscribers, below estimates of 69.73 million. Netflix added 880,000 U.S. subscribers and 2.74 million international subscribers over the quarter.

First Data (FDC) opened for trading higher, but fell back by mid-morning. Shares were...


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