Second straight day of US stock rises

Brisbane News.Net
Thursday 15th May, 2008

U.S. stocks climbed steeply higher for a second day straight on Thursday as declining oil prices and stock deals pushed technology stocks, helping offset weak economic reports.

CBS said it would buy CNet Networks while Yahoo shares also remained in focus with billionaire Carl Icahn planning to take over its board.

The Dow Jones Industrial Average gained 94.28 points to end at 12,992.66.

The S&P 500 climbed 14.91 points to 1,423.57.

The technology-laden Nasdaq Composite rose 37.03 points to 2,533.73.

Crude-oil futures retreated from an earlier climb of as much as $2 a barrel, as a bigger-than-expected climb in U.S. natural gas supplies pushed prices for natural gas to their lower level in more than a week.

Crude for June delivery shed 10 cents to close at $124.12 a barrel on the New York Mercantile Exchange.

Gold for June delivery surged $13.5 to end at $880 an ounce, with prices holding even as the U.S. dollar moved higher against its currency rivals.

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