stocks050708
On the homepage
Nightlife
Out There
Table Talk
Music
Hints of recovery boost markets
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
NEW YORK - Wall Street reversed early losses to close higher Tuesday, as investors monitored the movements of record high oil prices but still laid bets that the economy and companies are in recovery mode.
Crude oil climbed to a trading record near $123 a barrel on the New York Mercantile Exchange before closing at $121.84 as traders, who have nearly doubled the price of oil over the past year, reacted to the weakening U.S. dollar, supply threats, and a note from Goldman Sachs & Co. predicting that oil could reach $200 a barrel, crimping consumers' discretionary spending.
"I think overall, the strength in stocks right now is on fairly firm footing," said J.P. Morgan equities analyst Thomas J. Lee. "In some ways, first-quarter earnings are yesterday's news."
In recent weeks, stronger-than-expected results from companies outside the battered financial and housing sectors helped the stock market rebound to levels not seen since early January. Economic data have been better than expected -- particularly Friday's employment report and Monday's data on the service sector -- and credit markets keep showing increased appetite for the risk that investors had avoided for months.
The Dow Jones industrial average rose 51.29, or 0.40 percent, to 13,020.83.
Broader stock indicators also rebounded. The Standard & Poor's 500 index rose 10.77, or 0.77 percent, to 1,418.26, and the Nasdaq composite index rose 19.19, or 0.78 percent, to 2,483.31.
ASSOCIATED PRESS
- Twin Cities advisers accused of fraud, mismanagement
- Supervalu CEO clears space on executive shelf
- Smith & Hawken to close its doors in Edina
- Jobless claims indicate economy remains weak
- Newspaper intervenes in Petters case
- Hecker lists $767 million in debt
- US officials eye North Korea in cyber attack
Blog: Patent Pending
Bits of other stuff
AbbeyMoor Medical of Parkers Prairie has received pre-market approval from the Food and Drug Administration to sell “The Spanner,” a stent that treats men suffering from urinary problems because of a blocked prostate. Catchy name for a stent. Very vivid imagery. TST Media, a Minneapolis-based software company that specializes in Websites for amateur sport teams, said it [...]
Comment on this story | Be the first to comment | Hide reader comments