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U.S. Stocks Rise as Oil Prices Tumble
By Mark McSherry NEW YORK (Reuters) - U.S. stocks rose on Wednesday on investor relief that oil prices fell sharply after a higher-than-expected rise in crude stocks last week. U.S. light, sweet crude oil futures (oiloil: Quote , Profile , Research ) tumbled $1.82 to $53.35 a barrel, slipping from an all-time high of $55.67 hit on Monday and easing concern among stock investors that high energy costs could curb consumer spending and hurt company profits. The U.S. Energy Information Administration (EIA) said crude oil inventories rose by four million barrels last week to 283.4 million. Analysts surveyed by Reuters had forecast an average rise in crude stocks of 1.4 million barrels. The Dow Jones industrial average was up 63.34 points, or 0.64 percent, at 9,951.82. The Standard & Poor's 500 Index was up 7.70 points, or 0.69 percent, at 1,118.79. The technology-laced Nasdaq Composite Index was up 29.53 points, or 1.53 percent, at 1,958.32. "Whenever you see a nice drop in the price of oil, you see a gain in the indexes," said Barry Hyman, chief investment strategist at Ehrenkrantz, King, Nussbaum. "Intraday moves in the
market are related to the price of crude -- the one thing that has been holding the
market back is the price of oil." Cardinal Health Inc. (CAH.N: Quote , Profile , Research ) helped buoy the S&P 500, rising about 22 percent to $47.92, a day after it posted higher earnings for its June quarter. DuPont Co. (DD.N: Quote , Profile , Research ) rose about 3 percent to $42.77, helping the Dow, after CSFB on Wednesday raised its investment rating on the chemicals maker to "neutral" from "underperform." Procter & Gamble Co. (PG.N: Quote , Profile , Research ) , maker of Crest toothpaste and Tide detergent, fell 3 percent to $51.40 after it maintained but did not raise its outlook for the fiscal year after posting a 14 percent increase in quarterly profit. AFLAC Inc. (AFL.N: Quote , Profile , Research ) fell 6 percent to $35.30 after Goldman Sachs on Wednesday lowered its rating on the company to "in-line" from "outperform," citing the supplementary health insurer's disappointing third-quarter results. Apple Computer Inc. (AAPL.O: Quote , Profile , Research ) rose about 4 percent to $49.97, helping the Nasdaq, a day after it rolled out a new iPod that allows users to view and share photos. In economic news, U.S. orders for long-lasting durable goods rose by a smaller-than-expected 0.2 percent in September, held back by another sharp fall in commercial aircraft. U.S. new home sales surged unexpectedly in September, climbing 3.5 percent, as low
mortgage rates attracted buyers. (Additional reporting by Anna Driver)
Source: reuters.com