Stocks advance despite increase in oil prices
The Associated Press
NEW YORK -- Wall Street closed a quiet session with a moderate advance Thursday, with energy and other commodities companies leading the market as oil prices extended their record-breaking run.
Stocks also rose after retailers issued April sales results that, although not strong overall, were less gloomy than expected. The data suggested that high energy costs are leading consumers to alter their spending, and Wal-Mart Stores was one of the beneficiaries of that trend. But some apparel stores -- whose merchandise falls into the category of discretionary items -- again saw depressed sales.
Major indexes: The Dow rose 52.43, or 0.41 percent, to 12,866.78. Broader stock indicators turned higher. The Standard & Poor's 500 rose 5.11, or 0.37 percent, to 1,397.68, and the Nasdaq composite rose 12.75, or 0.52 percent, to 2,451.24. The Russell 2000 rose 3.34, or 0.47 percent, to 719.55.
On the Big Board: Advancers beat decliners by about 3-to-2 on consolidated volume of 3.70 billion shares, compared with 3.94 billion Wednesday.
Major movers: Aluminum producer Alcoa Inc. (ticker: AA) rose $1.56, or 4.1 percent, to $39.65. Oil companies also gained; Exxon Mobil Corp. (XOM) rose $1.11, or 1.2 percent, to $89.93, while Chevron Corp. (CVX) was up $2.16, or 2.3 percent, at $97.44. Wal-Mart rose 33 cents, or 0.6 percent, to $57.16.
Overseas: Japan's Nikkei 225 fell 1.13 percent, Britain's FTSE 100 rose 0.16 percent, Germany's DAX index fell 0.06 percent, and France's CAC 40 fell 0.39 percent.
