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May 13, 2008 7:38:26 PM CDT

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Markets See Gains From Retail  

Posted May 8, 08 3:23 PM CDT in Business    Editor's Choice

(newser) – The markets achieved solid gains today as better-than-expected sales from big-box discount retailers encouraged investors worried over oil prices still in record territory, the Wall Street Journal reports. The Dow gained 52.43 to close at 12,866.78, while the Nasdaq rose 12.75 to 2,451.24. The S&P 500 rose 5.11, settling at 1,397.68.

Oil prices rose, albeit more gradually than in recent days, trading at $123.69. Wal-Mart, Costco and BJ’s Wholesale all traded higher off good sales news. "We've moved ourselves back to neutral ground," one analyst said of the market's current status. The commodities sector rallied, led by Freeport-McMoRan Copper and Gold, but the oil boom limited the spread of the advance among consumer shares.

Sources: Wall Street Journal , Bloomberg

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Markets See Gains From Retail
This undated file photo provided by Prosafe, shows their Safe Scandinavia rig in an unknown location.   (AP Photo)
Markets See Gains From Retail
Traders work on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew)
Markets See Gains From Retail
The outside of a new Wal-Mart supercenter is seen, April 29, 2008 in Maumelle, Ark.   (AP Photo/Mike Wintroath)
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S&P 500  • Nasdaq  • oil prices  • Dow Jones Industrial Average  • Wal-Mart  • retail sales  • commodities


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