Markets See Gains From Retail

But oil trades at $123.69, limiting rally
By Nick McMaster,  Newser Staff
Posted May 8, 2008 3:23 PM CDT
Markets See Gains From Retail
This undated file photo provided by Prosafe, shows their Safe Scandinavia rig in an unknown location.   (AP Photo)

The markets achieved solid gains today as better-than-expected sales from big-box discount retailers encouraged investors worried over oil prices still in record territory, the Wall Street Journal reports. The Dow gained 52.43 to close at 12,866.78, while the Nasdaq rose 12.75 to 2,451.24. The S&P 500 rose 5.11, settling at 1,397.68.

Oil prices rose, albeit more gradually than in recent days, trading at $123.69. Wal-Mart, Costco and BJ’s Wholesale all traded higher off good sales news. "We've moved ourselves back to neutral ground," one analyst said of the market's current status. The commodities sector rallied, led by Freeport-McMoRan Copper and Gold, but the oil boom limited the spread of the advance among consumer shares. (More Dow Jones stories.)

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