Stocks Rebound as Oil Prices Boost Energy Companies
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American stocks rose, rebounding from three-month lows, after record oil prices boosted energy companies and Credit Suisse Group said shares of Google Inc. may reach $900 in the coming year.
Exxon Mobil Corp., the biggest American energy producer, climbed the most in five years. Google rallied after Credit Suisse said the most-popular search engine will expand its share of the mobile advertising market. Stocks swung throughout the day, with the Dow Jones Industrial Average falling to a seven-month low after the Federal Reserve lowered its 2008 growth outlook and rebounding when Countrywide Financial Corp. denied speculation it faces a funding shortage.
The Standard & Poor’s 500 Index added 6.43, or 0.5%, to 1,439.7. The Dow rose 51.7, or 0.4%, to 13,010.14. The Nasdaq Composite Index increased 3.43, or 0.1%, to 2,596.81. Slightly more than one stock gained for every one that fell on the New York Stock Exchange.
“At the end of the day, the energy stocks won out,” the chief investment officer at BKD Wealth Advisors, which manages about $1.4 billion in Springfield, Mo., Jeff Layman, said. “We’re seeing a realization that these price levels might be more sustainable than we previously thought.”
