U.S. stocks closed higher and bond prices fell. Retail shares rose on expectations lower crude oil prices may benefit demand. Offsetting gains in retail shares were shares of energy firms, after crude oil prices weakened
on concerns that a slowing economy may negatively affect demand domestically.
Credit card issuers rose as the fall in oil prices may increase the ability of consumers to make additional purchases.
The Dow Jones industrial average was up 48.03 .. at 11782.35.
The Standard & Poor's 500 index was up 9.00 .. at 1305.32.
The Nasdaq composite index was up 25.85 .. at 2439.95.
The Transportation Average was down 18.66 .. at 5197.84.
And Utilities were up 3.87 .. at 475.05.
Volume on the New York Stock Exchange was moderate, with 1.2 billion shares traded.Advancing issues outnumbered decliners by a 7-to-4 margin.
THE 5 MOST ACTIVE ISSUES ON THE NEW YORK STOCK EXCHANGE AS OF 3:10 CT WERE
CITIGROUP INC UP $ 0.43 TO.. $ 19.82
PFIZER INC UP $ 0.04 TO.. $ 19.88
GENERAL ELECTRIC CO UP $ 0.31 TO.. $ 29.95
BANK OF AMERICA CORP UP $ 1.13 AT.. $ 33.38
WELLS FARGO & CO UP $ 1.44 TO.. $ 31.61
The 30-year Treasury fell 1 and 3/32, raising the yield to 4.60%. The 10-year Treasury fell 1/2, raising the yield to 3.99%. The 3-month T-Bill closed at 1.75% and the 6-month T-Bill closed at 2.01%.
In commodity markets, Gold fell $36.50 to $828.30 and Silver fell $0.71 to $14.62. Crude oil prices fell $0.75 to $114.45 per barrel on the New York Mercantile Exchange.
LOOKING AT OTHER DEVELOPMENTS:
Sysco Corp. stated profit rose for the eighth consecutive quarter as the company countered higher food prices by reducing cost. On a per share basis, the company earned $0.55, compared with $0.49 a year earlier. The Houston-based firm streamlined truck routes and raised prices to help offset higher food expenses. Sysco closed up $1.28 to $31.15.
Verizon Communications announced it had reached an agreement with two unions to avoid a strike of more than 65,000 employees. The new contract will last three years, provide a wage increase of roughly 10 percent, create nearly 2,500 new jobs and continue the current policy of providing fully paid health-care premiums. The 65,000 workers represent nearly one third of Verizon Communication's employees. Verizon closed up $0.71 to $35.30.
Waste Management, the largest North American garbage collector, raised its unsolicited bid to acquire Republic Services by 8.8 percent to $6.73 billion.
The increased bid comes as Republic Services is attempting to acquire Allied Waste Management. The new offer calls for Republic Services shareholders to receive $37 per share, up from the previous offer of $34 per share. Waste
Management closed up $0.10 to $36.11, while Republic Services closed up $0.19 to $35.05.
At the close, foreign markets were mixed today.
Canada's S&P/TSX Composite was down 138.25 to close at 13203.19.
Mexico's Bolsa index was down 189.10 to close at 26943.69.
Britain's FTSE 100 Index was up 52.60 to close at 5541.80.
France's CAC 40 Index was up 46.64 to close at 4538.49.
Germany's DAX Index was up 47.98 to close at 6609.63.
Japan's market was up 262.50 to close at 13430.91.
Hong Kong's market was down 25.87 to close at 21859.34.
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