US Stocks Gain Third Weekly Advance on Lower Oil Prices
Posted on: Saturday, 12 November 2005, 09:00 CST
US stocks gain third weekly advance on lower oil prices
NEW YORK, Nov. 11 (Xinhua) -- US stocks rose Friday and gained the third weekly advance as world oil prices plunged to their lowest point for four months and company earnings gained improvement.
Following recent reports of expanding supplies and weaker demand, New York's main contract, light sweet crude for delivery in December, fell 27 cents to close at 57.53 dollars a barrel, its lowest finish since July 21.
On company news, GM, the world's largest automaker, gained 97 cents, or 4.1 percent, to 24.48 dollars for the top performance in the Dow average. United Auto Workers union members ratified the plan that reduces GM's cash outlays for health care by 1 billion dollars annually and long-term retiree medical liability by 15 billion dollars. The plan takes effect immediately. GM reached a 13-year low Thursday.
Kohl's said third-quarter profit rose to 45 cents a share from 39 cents on higher sales of exclusive women's apparel and accessories. Kohl's added 1.56 dollars to 50.68 dollars.
At the closing trade, the blue-chip Dow Jones industrial average rose 45.94, or 0.43 percent, to 10,686.04, its highest close since Aug. 3. The Dow added more than 93 points in the previous session.
Broader stock indicators were also higher. The Standard & Poor' s 500 index was up 3.76, or 0.31 percent, at 1,234.72, and the Nasdaq composite index climbed 5.79, or 0.26 percent, to 2,202.47.
For the week, the Dow advanced 1.47 percent, the S&P 500 added 1.19 percent and the Nasdaq was higher by 1.52 percent, while oil prices dropped 5 percent.
Declining issues led advancers for most of the session, but advancers overtook decliners by 9 to 7 on the New York Stock Exchange. NYSE volume of 1.29 billion shares lagged the 1.75 billion shares traded on Thursday.
Source: Xinhua News Agency - CEIS
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