Street Rallies on Retail, Jobs

Wal-Mart among big winners as indices rebound from 3 days of losses
By Nick McMaster,  Newser Staff
Posted Jun 5, 2008 3:17 PM CDT
People line up to attend a job fair on Wednesday, March 26, 2008 in New York.   (AP Photo/Mark Lennihan)
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(Newser) – The markets rebounded from a 3-day losing streak today as retailers posted strong sales and weekly claims for jobless benefits fell, the Wall Street Journal reports. The Dow climbed 213.97, closing at 12,604.45, and the Nasdaq gained 46.80 to settle at 2,549.94. The S&P 500 added 26.85 to finish at 1,404.05.

Wal-Mart rallied after posting a 3.9% jump in sales for May, joining other big-box retailers Costco and BJ’s Wholesale in enjoying strong business despite the economic climate. Initial claims for jobless benefits fell 18,000 to 357,000 last week, the Commerce Department reported, beating expectations. In less positive consumer news, oil prices regained some traction, gaining $4.10 to to $126.40 a barrel.