Oil Surges; Markets Record Weekly Gains

Consumer confidence hits 28-year low
By Nick McMaster,  Newser Staff
Posted May 16, 2008 3:27 PM CDT
Oil Surges; Markets Record Weekly Gains
An oil platform seen at Maracaibo lake in Cabimas, Venezuela, in this file photo from September 2005.   (AP Photo)

Stocks fell, then climbed back almost to opening levels today to wrap up a generally strong week. Yet another record oil price—almost $128 a barrel—drove early losses, and a report of the lowest consumer-confidence rating in 28 years did not help. The Dow closed down 5.86 at 12,986.80, and the Nasdaq dropped 4.88, closing at 2,528.85. The S&P 500 gained 1.78 to close at 1,425.35.

For the week, the Dow gained 1.9%, the S&P 500 2.7%, the Nasdaq 3.4%, MarketWatch reports. In a rare spot of positive housing news, the Commerce Department reported construction of new homes increased by 8.2% in April, beating forecasts, but sky-high inventories are dampening optimism about housing. (More oil 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