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November 22, 2008 9:38:57 CST

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Oil Reversal Stymies Rally

Posted Jun 12, 08 3:45 PM CDT in Business 

(Newser) – A stock rally lost steam after oil reversed an early decline and finished up slightly at $136.74 a barrel, Marketwatch reports. Investors had earlier turned bullish on an unexpectedly strong retail report and crude prices of $131.55. The Dow ended up 57.81 points, at 12,141.58, after being up 185 points earlier. The Nasdaq climbed 10.34 points to 2,404.35, and the S&P 500 climbed 4.38 points to 1,339.87.

Before the rebound in oil prices, things looked rosy. The Commerce Department reported a 1% increase in retail sales in May, a half-percentage point better than forecast. Among financials, Citigroup rose on the news it would close one of its hedge funds, though Lehman fell after announcing an executive housecleaning.

Sources: MarketWatch, Wall Street Journal, Bloomberg

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In this Nov 7, 2007, file photo, a pumping unit sucks crude oil from the ground near Manhattan, Kan.   (AP Photo/Charlie Riedel, file)
Traders work at the New York Stock Exchange in this undated file photo.   (AP Photo/Mark Lennihan)
Cases of roofing tar made directly from crude oil are seen at the America Roofing Supply Co. yard in Los Angeles Thursday, June 12, 2008.   (AP Photo/Reed Saxon)
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Dow Jones • stock market • S&P 500 • Nasdaq • oil price • retail sales • Benchmark crude futures


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