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October 7, 2008 1:22:55 PM CDT

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Meager Gains as Oil Retreats

Posted May 22, 08 3:35 PM CDT in Business 

(Newser) – Stocks eked out small gains after two days of big losses as surging oil pulled back from a new record of $135 per barrel to $131.79, the Wall Street Journal reports. The Dow rose 24.43, closing at 12,625.62, while the Nasdaq climbed 16.31 to settle at 2,464,58. The S&P 500 rose 3.64, finishing the session at 1,384.35.

“It continues to be a 'one-story' market," in the words of one analyst, as investors start thinking about the long-term implications of oil selling at current, or higher, prices. Nonetheless, the modest gains made by indices were probably helped by a Labor Department report that said initial jobless claims fell 9,000 from last week, to 365,000.

Sources: Wall Street Journal, MarketWatch, Bloomberg

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In this undated file photo, traders work at the New York Stock Exchange in New York.   (AP Photo)
In this June 2, 2006 file photo, an American flag hangs over the facade of the New York Stock Exchange in New York.   (AP Photo)
A driver fills his car with fuel at a petrol station in Manchester, England, Thursday, May 22, 2008.   (AP Photo/Simon Dawson)
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