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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
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