Wall Street gains on oil price, retail salesJune 6th, 2008 - 7:40 am ICT by IANS
New York, June 6 (DPA) US markets rallied Thursday on booming oil prices and strong sales at major discount chains. Energy companies helped lead the advance after oil prices rose by $5.49 to $127.79 per barrel. Investors also responded to better than expected sales at retail giants Wal-Mart and Costco.
“While the economy is weak, it’s not deathly weak,” Alan Gayle of Ridgeworth Capital Management told Bloomberg financial news. “The markets may very well be breathing a sigh of relief.”
The blue-chip Dow Jones Industrial Average added 213.97 points, or 1.7 percent, to 12,604.45. The broader Standard & Poor’s 500 picked up 26.85 points, or 2 percent, to 1,404.05. The technology-heavy Nasdaq Composite Index climbed 46.80 points, or 1.9 percent, to 2,549.94.
The US currency dipped against the euro to 64.17 euro cents from 64.82 Wednesday and gained against the Japanese currency to 105.95 yen from 105.27.
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