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May 16, 2008 5:26:43 AM CDT

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Stocks Rise Despite Oil Surge  

Posted Apr 15, 08 3:36 PM CDT in Business    Most Covered

(newser) – Hopeful economic indicators outweighed surging crude prices today, and stocks responded with a modest rally. "There's a little bit of investor optimism cropping up here to hold the market together," a strategist told the Wall Street Journal. The Dow ended up 60.41 at 12,362.47, the Nasdaq up 10.22 at 2,286.04, and the S&P 500 up 6.11 at 1,334.43.

In general, business and manufacturing indicators led investors to speculate that another Fed rate cut is on its way, despite worries about inflation. Some economists tell the Journal that the inflation stems from government-mandated production of ethanol. "This is not the way you get true inflation," said one.

Sources Wall Street Journal, Bloomberg, CNN, Financial Times (UK)

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Stocks Rise Despite Oil Surge
High gas prices posted at a Shell gas station in Palo Alto, Calif., Tuesday, April 15, 2008.   (AP Photo/Paul Sakuma)
Stocks Rise Despite Oil Surge
Traders view their monitors on the floor of the New York Stock Exchange.   (AP Photo/Louis Lanzano)
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