Wall Street steadied itself today after two sessions of steep declines, rebounding moderately as oil prices stepped back from their frenetic...
NEW YORK — Wall Street steadied itself today after two sessions of steep declines, rebounding moderately as oil prices stepped back from their frenetic upward run.
The Dow Jones industrial average rose 24.43 to 12,625.62.
Microsoft, one of the 30 Dow stocks, added 22 cents to close at $28.47 a share. Boeing, also a Dow stock, also gained 22 cents to end at $81.41.
Broader stock indicators also moved higher. The Standard & Poor’s 500 index rose 3.64 to 1,394.35, and the Nasdaq composite index rose 16.31 to 2,464.58.
Most Read Business Stories
- Another top Amazon executive to leave company
- Boeing 757 bound for Seattle makes emergency landing
- Alaska Airlines ordered to pay $3.2M to family of woman who died after escalator fall
- REI picks new satellite office ‘surrounded by trail networks’
Oil set another trading record overnight — moving above $135 a barrel for the first time — then pulled back below $131, offering some relief for stock investors. Meanwhile, the Labor Department said the number of workers seeking unemployment benefits declined by 9,000 last week to 365,000. The market expected a slight increase.
But the economic fallout from ascendant energy prices remained Wall Street’s focus.
“People are concerned about the economy and what’s happening with oil,” said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York, referring to the advance in stocks.
Fullman predicted the markets will remain jittery and said the low trading volumes today indicate the gains are coming without much conviction.
The modest rise in stocks followed a decline in the Dow that totaled about 427 points, or 3.3 percent, over the course of Tuesday and Wednesday. It was the steepest two-day loss since late February. Stocks have declined in three of the past four sessions.