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Stocks move up on another oil decline
St Petersburg News.Net
Wednesday 23rd July, 2008
Stocks advanced for the second straight session Wednesday with another decline in oil prices and several upbeat profit reports on Wall Street.
Investors voted that a sustained drop in oil prices would give a crucial boost to the economy.
Crude has been going backward as oil investors worry that high prices and a sluggish economy are reducing demand.
The government reported Wednesday that domestic inventories increased last week as consumers curbed their energy use.
Oil is down more than $20 since hitting a record above $147 just weeks ago.
A barrel of light, sweet crude fell $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange.
The Dow rose 29.88 to 11,632.38 after rising nearly 100 points early in the session.
The Standard & Poor's 500 index rose 5.19 to 1,282.19.
The Nasdaq composite index rose 21.92 to 2,325.88.
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