Stocks Rise as Oil Drops

Price of barrel drops to $126, a 7-week low
By Nick McMaster,  Newser Staff
Posted Jul 22, 2008 3:22 PM CDT
In this April 3, 2008 file photo, a worker replaces letters on the American Express sign at the financial services company world headquarters building in New York.    (AP Photo/Mark Lennihan, file)
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(Newser) – Stocks climbed to robust gains by the end of today’s session as a drop in oil helped offset a spread of mixed earning reports, MarketWatch reports. The Dow gained 135.16 points to close at 11,602.50, the Nasdaq rose 24.43 to 2,303.9, and the S&P 500 climbed 17.01 points to 1,277.01.

Oil fell more than $5, hitting a 7-week low at $126 a barrel. Wachovia managed to shrug off a terrible quarterly earnings report by announcing plans for improving its credit, and shares surged 8%. American Express plunged 10.2% after releasing dismal earnings, but the Dow pushed past it, helped in part by strong reports, and subsequent stock gains from Caterpillar and DuPont.