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July 25, 2008 10:47:05 PM CDT

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Inflation News Boosts Stocks

Posted May 14, 08 3:38 PM CDT in Business 

(Newser) – Stocks were up today on consumer price data showing lower-than expected inflation and on declining oil prices. A Labor Department report showed the CPI rose only 0.2% in April, reports the Wall Street Journal. The Dow ended up 65.71 to 12,897.89, the Nasdaq rose 1.58 to 2,496.70, and the S&P rose 5.56 to 1,408.6.

Despite a modest decline in oil futures, however, many sectors are declining because of the long run of high fuel prices, analysts say. "Exxon Mobil is stealing from Starbucks at this point. People are willing to do without that extra cup of coffee to fill up their cars," says a managing director at Thomson Reuters. Yahoo stocks also kept rising thanks to speculation of a proxy war by financier Carl Icahn.

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

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Shoppers load up at Costco in Mountain View, Calif., Thursday, May 8, 2008.   (AP Photo/Paul Sakuma)
A pair of shoppers look at tulips on Chicago's Michigan Avenue on Tuesday, May 13, 2008.   (AP Photo/Charles Rex Arbogast)
A shopper talks on her cell phone as she carries her purchases on Chicago's Michigan Avenue on Tuesday, May 13, 2008.   (AP Photo/Charles Rex Arbogast)
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