Dow climbs as oil prices surge
01/06/2005 - 23:38:27Stocks strode higher today as investors grew hopeful that the interest rate tightening cycle might soon draw to a close, but a late-session rise in oil prices limited Wall Street’s gains.
The Dow Jones industrial average rose rose 81.58, or 0.8%, to 10,549.06, giving up some of its gains as oil prices surged more than $2.60 per barrel.
Broader stock indicators also moved sharply higher. The Standard & Poor’s 500 index was up 10.72, or 0.90%, at 1,202.22.
The Nasdaq composite index climbed 19.64, or 1%, to 2,087.86.
Trading on the New York Stock Exchange was halted several minutes before the market closed due to communications problems.
Advancing issues outnumbered decliners by about 3 to 1 on the New York Stock Exchange.
The Russell 2000 index of smaller companies was up 7.03, or 1.14%,
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