Stocks Rise as Oil Drops

Price of barrel drops to $126, a 7-week low
By Nick McMaster,  Newser Staff
Posted Jul 22, 2008 3:22 PM CDT
Stocks Rise as Oil Drops
In this April 3, 2008 file photo, a worker replaces letters on the American Express sign at the financial services company world headquarters building in New York.    (AP Photo/Mark Lennihan, file)

Stocks climbed to robust gains by the end of today’s session as a drop in oil helped offset a spread of mixed earning reports, MarketWatch reports. The Dow gained 135.16 points to close at 11,602.50, the Nasdaq rose 24.43 to 2,303.9, and the S&P 500 climbed 17.01 points to 1,277.01.

Oil fell more than $5, hitting a 7-week low at $126 a barrel. Wachovia managed to shrug off a terrible quarterly earnings report by announcing plans for improving its credit, and shares surged 8%. American Express plunged 10.2% after releasing dismal earnings, but the Dow pushed past it, helped in part by strong reports, and subsequent stock gains from Caterpillar and DuPont. (More Dow Jones stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X