US stocks rise as oil drops, Merrill Lynch eases credit concernsApril 25th, 2008 - 7:02 am ICT by admin
New York, April 25 (DPA) US stocks were up Thursday as oil fell the most in a month and Merrill Lynch eased speculation about its capital holdings. Crude oil dropped 1.9 percent to $116.06 per barrel in New York trading and the dollar climbed against the euro after reaching a record low Monday.
Brokerage firm Merrill Lynch said it had the capital to maintain its share dividend despite the ongoing credit crisis, which has prompted sharp writedowns of mortgage-related assets at investment banks in the US and Europe.
Shares of carmaker Ford Motor Co and technology giant Apple Inc climbed after the two companies posted better-than-expected first-quarter profits.
The blue-chip Dow Jones Industrial Average rose 85.73 points, or 0.67 percent, to 12,848.95. The broader Standard & Poor 500 Index was up 8.89 points, or 0.64 percent, to 1,388.82. The Nasdaq Composite Index added 23.71 points, or 0.99 percent, to 2,428.92.
The dollar rose against the euro to 63.77 euro cents from 62.96 euro cents Wednesday, and to 104.24 Japanese yen from 103.44 yen.
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