Market Update

US energy stocks gained, along with the wider equities market. The NYSE Arca Oil Index (XOI) gained about 0.76%, while the NYSE Arca Natural Gas Index (XNG) rose about 0.22%. The Philadelphia Oil Service Index (OSX) surged about 0.32%. The Dow Jones Industrial Average gained 0.38%. Shares of Carnival Corp CCL gained about 3.2% after the company reported quarterly results. The company's Q4 earnings came in at $0.31 per share, up from $0.24 per share, in the year-ago quarter. The company's revenue rose to $3.5 billion from $3.3 billion. However, analysts were expecting earnings at $0.32 per share on revenue of $3.36 billion. Carnival projected its 2011 earnings of $2.90 to $3.10 per share. Carnival projected its Q1 earnings of $0.15 to $0.19 per share. However, analysts estimated Q1 earnings of $0.24 per share and 2011 earnings of $2.95 per share. Shares of Urban Outfitters Inc URBN fell after analyst at Brean Murray Carret & Co downgraded the stock from “buy” to “hold.” Shares of URBN lost about 0.6% following the downgrade in rating. Read more from Benzinga's Markets.