US stocks rise on oil-price fall

May 28th, 2008 - 5:33 am ICT by admin  

New York, May 28 (DPA) A drop in oil prices and a tech share rally lifted US stocks across the board Tuesday, after last week’s worst performance since February. The 2.5-percent drop in oil prices was the steepest decrease this month, and gave counterbalance to a huge drop in US consumer confidence reported Tuesday.

The consumer index maintained by the New York-based Conference Board dropped to its lowest level since 1992 in April, increasing the likelihood of a further slowdown in the world’s largest economy.

Crude oil for July delivery fell $3.34 dollars to $128.85 a barrel on signs that US fuel consumption is dropping because of a slowing economy and record energy prices, Bloomberg financial news service reported.

The blue-chip Dow Jones Industrial Average climbed 68.72 points, or 0.55 percent, to 12,548.35. The broader Standard & Poor’s 500 Index rose 9.42 points, or 0.68 percent, to 1,385.35. The technology-heavy Nasdaq Composite Index increased 36.57 points, or 1.50 percent, to 2,481.24.

The dollar rose to 63.75 euro cents from 63.44 euro cents on Friday, and climbed against the Japanese currency to 104.27 yen from 103.39 yen.

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