NEW YORK - Oil rally is on once more.
Stocks closed Wednesday for the first day this week as oil... prices rising more offset worries about the global economic recovery. Oil rose nearly $ 2 to settle at $101.32 per barrel, pushing energy stocks higher.
Cabot oil and gas Corp. led the S & P 500, rising 7 percent. Increase in the price of copper, silver and other commodities raised miners and other hardware companies. Freeport-McMoRan Copper & Gold Inc.. has gained 2 percent.
The Dow Jones index increased 38.45 points, or 0.3%, to close at 12,394.66. The standard & poor 500 index increased 4.19, or 0.3%, to 1,320.47. The Nasdaq composite increased 15.22, or 0.6%, to 2,761.38.
Markets were beaten the last few days by new worries about Europe's debt crisis. The last time stocks closed higher was Thursday, when investors congratulates a blockbuster by the social networking site LinkedIn Corp. initial public offering.
Party Government and the opposition the Greece did not end Tuesday to reach agreement on how to reduce the debts of the country, adding to the uncertainty surrounding the financial future of the Greece. Many analysts believe that Greece will eventually have to restructure its debt, possibly by the extension of payments of interest or decrease in interest rates.
Without this restructuring, Greece could by default. Which could cause a domino effect, increasing borrowing rates for the largest European countries and hamper the global economy.
The Japanese Government reported that exports of the country fell by 12.5% in April after the March 11 earthquake and tsunami component factories and forced manufacturers to stop production. The Japan automotive shipments have been particularly evil, dropping 67 percent. The report added to concerns that the world economy is far from his return to health.
The decline in Japanese exports hit orders of durable goods in the United States. The Department of Commerce said businesses ordered fewer computers, heavy equipment, cars and aircraft plants in April. The 3.8% decline was the largest in 6 months, reflecting a decrease of American business investment.
Stocks had been on a regular rise since last August until the Japanese disaster shook global financial markets in March. The benefits of strong companies sent stocks back in April, but markets were blocked in the past three weeks. S & P 500 closed at is on 29 April, its highest level of the year and drifted lower since then.
Some analysts say that the market can increase too far, too fast since the beginning of the year, making stocks seem to be expensive. The Dow Jones index is always up to 7% for the year. The & S P 500 is 5 per cent.
"A withdrawal from the market is probably healthy," said Michael Sansoterra, to Silvant Capital Management Portfolio Manager.
Fertilizer company CF Industries increased by 3% per day after a JPMorgan upgraded the stock, citing the company good cash flow and positive forecasts for the agricultural industry.
Martha Stewart Living Omnimedia jumped 24 per cent. The company announced that it had hired Blackstone Group as Advisor, triggering speculation the company any will be put up for sale.
Retail stocks struggled. Polo Ralph Lauren Corp. sank 11 percent after reporting that the highest thrust profit down 36%. Discount retailer Costco Wholesale Corp. slipped 1 percent after reporting of missed earnings estimates of analysts.
American International Group Inc. fell 4% to $28.28 as the Department of the Treasury of the United States sold some of its participation in society. Treasury has said that it would sell 300 million AIG shares for $29 each, by making a small profit. The price was fixed late Tuesday ground range projected by the Government.
Approximately two shares rose for all those who have fallen on the New York Stock Exchange. Trading volume was $ 3.7 billion shares.
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