Newspaper article St Louis Post-Dispatch (MO)

Stocks Zoom as Bonds Rally, Oils Surge

Newspaper article St Louis Post-Dispatch (MO)

Stocks Zoom as Bonds Rally, Oils Surge

Article excerpt

Stocks resumed their march to records Wednesday as oil shares rose and interest rates fell, raising hopes that corporate earnings will be better than expected in coming months.

"This low-inflation environment and slow growth is going to be good for stocks," said Mary Sunderland, portfolio manager at Skandia Investment Management.

The Dow Jones industrial average rose 41.74 to 5778.00, a record. The Standard & Poor's 500 index rose 5.65 to 678.41, also a record. The Nasdaq composite rose 2.96 to 1247.38, just shy of Monday's high of 1248.12. The Russell 2000 and American Stock Exchange market value index both rose to records.

Oil shares rebounded from Tuesday's slide as oil prices rose and some investors speculated that the repeal of a 4.3-cent-a-gallon gasoline tax approved by the House of Representatives late Tuesday could mean higher profits for oil companies.

Stocks benefited from a late afternoon rebound in the bond market. The yield on the benchmark 30-year Treasury fell 4 basis points to 6. …

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