Stocks ended higher today but well off their peaks after the price of crude oil pulled off its lows and the Federal Reserve said more banks...
NEW YORK — Stocks ended higher today but well off their peaks after the price of crude oil pulled off its lows and the Federal Reserve said more banks are tightening lending standards.
The Dow Jones industrial average rose 48.03 to 11,782.35. Boeing, one of the 30 Dow stocks, fell $1.24 after reports that the company might not bid on the Pentagon’s airborne-refueling tanker contract. Microsoft, another Dow stock, was up 23 cents to close at $27.90.
Broader stock indicators also advanced today. The Standard & Poor’s 500 index rose 9.00 to 1,305.32. The Nasdaq composite index rose 25.85 to 2,439.95, after names like Amazon.com jumped $7.58, or 9.4 percent, to $88.09 after release of upbeat comments from analysts.
The decline in oil since last month has eased investors’ concerns about the drag of rising prices on the economy, but its move off its lowest levels today deflated a stock market rally that built upon steep gains last week. Light, sweet crude fell 75 cents to settle at $114.45 a barrel on the New York Mercantile Exchange after dipping as low as $112.72, its lowest level since early May.
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Falling oil prices and the continuing problems in the financial sector have competed for Wall Street’s attention in recent sessions, with oil sending stocks higher and credit-related news tending to limit or halt the rallies.