Oil Surges; Markets Record Weekly Gains

Consumer confidence hits 28-year low
By Nick McMaster,  Newser Staff
Posted May 16, 2008 3:27 PM CDT
An oil platform seen at Maracaibo lake in Cabimas, Venezuela, in this file photo from September 2005.   (AP Photo)
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(Newser) – Stocks fell, then climbed back almost to opening levels today to wrap up a generally strong week. Yet another record oil price—almost $128 a barrel—drove early losses, and a report of the lowest consumer-confidence rating in 28 years did not help. The Dow closed down 5.86 at 12,986.80, and the Nasdaq dropped 4.88, closing at 2,528.85. The S&P 500 gained 1.78 to close at 1,425.35.

For the week, the Dow gained 1.9%, the S&P 500 2.7%, the Nasdaq 3.4%, MarketWatch reports. In a rare spot of positive housing news, the Commerce Department reported construction of new homes increased by 8.2% in April, beating forecasts, but sky-high inventories are dampening optimism about housing.