Stocks Rise as Oil Prices, Factory Orders Climb
Stocks are closing higher after an encouraging report about U.S. factory orders. Energy prices are rising as tension grows over oil-rich Iran.
The Dow Jones industrial average rose 72 points to 12,944. The Standard & Poor’s 500 rose nine to 1,374. The Nasdaq composite index rose 25 to 2,976.
General Motors and Ford are both up after reporting higher sales in June. Oil prices are up about 3.5 percent, pushing energy stocks higher.
Trading volume was light, at about 2.1 billion, with the market closing early and many investors already taking off for the Fourth of July holiday. For every stock on the New York Stock Exchange that fell, about five stocks advanced.
(Copyright 2012 by The Associated Press. All Rights Reserved.)