New York – Wall Street struggled but ultimately closed higher Thursday as a bounce in technology stocks and sharply lower oil prices helped investors brush off concerns about sluggish consumer spending.
Retailers’ lackluster holiday sales reports initially sent major stock indexes significantly lower. Stocks climbed back after a drop in crude prices to below $56 a barrel raised hopes that cheaper gasoline might be on the way.
A broad advance from chip stocks supported the market. Leading the way was Intel Corp., which surged to its highest level in two weeks after Banc of America Securities said it expects fourth-quarter results will come in higher than expected.
The market’s performance Thursday showed that investors remain uneasy about any economic data, especially after minutes from the Federal Reserve’s last meeting indicated policymakers were in no hurry to cut interest rates. Mixed data Thursday included disappointing housing and service-sector reports.
“People are thinking now that energy prices are coming down, and that gives a chance for technology and other sectors to perform better,” said Scott Fullman, director of investment strategy for Hapoalim Securities USA. “The broader picture is that the economy continues to show signs of slowing, and that will continue through the first quarter.”
The Dow Jones industrial average rose 6.17, or 0.05 percent, to 12,480.69. The index had dropped by about 50 points earlier in the session.
Broader indicators were higher. The Standard & Poor’s 500 index edged up 1.74, or 0.12 percent, to 1,418.34, and the Nasdaq composite index added 30.27, or 1.25 percent, to 2,453.43.
Bond prices moved higher, with the yield on the benchmark 10-year Treasury note falling to 4.61 percent from 4.66 percent late Wednesday.
