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November 21, 2008 10:11:09 PM CST

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Stocks Rise on Deals, Lower Oil

Posted May 15, 08 3:24 PM CDT in Business 

(Newser) – Stocks rose for the fourth consecutive day today as deal-making buzz from Internet firms and a Tiffany’s-led retail rally offset a rise in weekly jobless claims and contraction in New York- and Philadelphia-region manufacturing, MarketWatch reports. The Dow rose 94.28, closing at 12,992.66, while the S&P 500 climbed 14.91 to settle at 1,423.75. The Nasdaq gained 37.03, to 2,533.73.

Tiffany’s boosted its dividend by 13% after posting Q1 earnings that beat forecasts. Crude oil prices rose nearly $2 early but fell back, settling at $124.02 per barrel, which spurred gains outside of the energy sector. Acquisitions by CBS (cNet), Comcast (Plaxo), and IAC (Lexico) raised hopes of more merger activity and drove online shares up.

Sources: MarketWatch, Bloomberg, Wall Street Journal

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A fuel pump displays the sale price after a trucker filled his truck with diesel fuel Tuesday, May 13, 2008, in Deer Park, Texas.   (AP Photo/David J. Phillip)
A Broker works the trading floor of the New York Stock Exchange in this undated file photo. The Dow was up 94.28 points today as oil prices cooled.   (AP Photo/Mary Altaffer)
CNET Networks workers at CNET headquarters in San Francisco, May 15, 2008.   (AP Photo/Paul Sakuma)
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Dow Jones • S&P 500 • Nasdaq • CBS • IAC • Tiffany's • CNET


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