Stocks finish higher on falling oil | VailDaily.com
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Stocks finish higher on falling oil

Christopher Wang

NEW YORK – A continued slide in oil prices gave Wall Street a moderate advance Friday, with earnings from Dell Inc. and a labor deal at General Motors Corp. feeding the gains. The major indexes ended the week higher.Volume was light with the Treasury market closed for Veterans’ Day and many traders taking the day off. Friday’s advance was fueled by momentum from three weeks of strong gains, said Jay Suskind, head trader at Ryan, Beck & Co.”I think it’s going to be tough to draw conclusions because of the lack of participation,” Suskind said. “Next week, you’ll start to hear about technical levels of the indices. People will be wondering, ‘Can we break through and really continue this year-end rally?”‘Suskind added that lower oil is improving the consumer picture ahead of the critical holiday shopping season. A recent slide in crude futures has eased worries that record gas prices will eat into household income and weigh on year-end retail spending.Meanwhile, technology stocks moved higher as Dell’s lackluster results were not as bad as feared, and media conglomerate News Corp. rose after its operating profit – before a hefty accounting charge – beat analysts’ estimates.According to preliminary calculations, the Dow Jones industrial average gained 45.94, or 0.43 percent, to 10,686.04, its highest close since Aug. 3. The Dow added more than 93 points in the previous session.Broader stock indicators were also higher. The Standard & Poor’s 500 index was up 3.76, or 0.31 percent, at 1,234.72, and the Nasdaq composite index climbed 5.79, or 0.26 percent, to 2,202.47. —On the Net:New York Stock Exchange: http://www.nyse.comNasdaq Stock Market: http://www.nasdaq.comVail, Colorado


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