Stocks recover as crude oil prices stabilize
2/25/2011NEW YORK — Stocks are closing higher as oil prices stabilized following a recent jump.
Oil settled at $97.88 Friday, soaring 13 percent in the past week. Oil rose as concerns mounted that the uprising in Libya would curtail oil production.
Those concerns eased late Thursday after the International Energy Agency said the impact was far less than analysts had estimated.
At the close, the Dow Jones industrial average is up 62, or 0.5 percent, at 12,130. It was the first rise for the Dow after three days of losses.
The S&P 500 index rose 14, or 1.1 percent, to 1,320. The Nasdaq composite rose 43, or 1.6 percent, to 2,781.
Five stocks rose for every one that fell on the New York Stock Exchange. Volume was 950 million shares.