Dow Gains 47 in Light Trading

Dow up 47; GM advances after GMAC decision
By Nick McMaster,  Newser Staff
Posted Dec 26, 2008 3:29 PM CST
A man dressed as Santa greets a trader on the floor of the New York Stock Exchange on Wednesday.   (AP Photo)
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(Newser) – Stocks edged higher today on very thin post-holiday trading volume, with energy firms seeing a boost from crude-oil prices that broke a 4-day losing streak, MarketWatch reports. The Dow gained 47.07 to close at 8,515.55. The Nasdaq climbed 5.34, settling at 1,530.24, and the S&P 500 added 7.38 to close at 872.80.

A retail report estimated that December sales fell 8% from last year. Oil climbed $2.36, to $37.90 a barrel, after losing 33% for the month. Exxon rose 1.9%. General Motors gained 12.6% after the Fed voted on Christmas Eve to allow its financing arm, GMAC, to transform into a bank holding company in order to access bailout funds.