Stocks Post Modest Gains

Stocks managed to hold on to small gains today from a big early rally, as oil prices fell despite the fighting in Georgia, MarketWatch reports. The Dow closed up 48.03 points at 11,782.35. The Nasdaq gained 25.85 points to 2,439.95, and the S&P 500 climbed 9 points to 1,305.32.

Amazon.com enjoyed a large bump as analysts turned bullish on the Kindle's prospects, Verizon gained almost 3% after settling a labor dispute, and financials were boosted after the Fed said that the credit crisis had curbed extravagant lending. But oil continues to rule the street: "Tell me how oil is going to move…and I'll tell you how the stock market is going to go," a strategist at Harris Private Bank told the Wall Street Journal. (More Dow Jones stories.)