Stocks Turn Higher As Oil Hits Record High
Stocks Turn Higher As Oil Hits Record HighStocks Turn Higher As Oil Hits Record High
Wednesday October 6, 5:32 pm ET
By Meg Richards, AP Business Writer
Stocks Cling to Modest Advance Despite Record High for Oil, Gloomy Third-Quarter Outlooks
NEW YORK (AP) -- Stocks enjoyed a late-day rally Wednesday, finishing higher despite a new record price for oil and gloomy third-quarter outlooks from several companies. Volume was relatively light as investors awaited the government's jobs creation report at the end of the week.
With rising energy costs threatening to dent consumer spending and corporate profits in the period ahead, oil and jobs have competed for the attention of traders on Wall Street. Many were looking ahead to the Labor Department's September employment report, due Friday. If the number of new jobs created misses expectations, it could be troublesome for stocks, particularly retailers.
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