Dow Makes Modest Gains As Crude-Oil Prices Jump
Crude-oil prices jumped, some investors had second thoughts about the risk of inflation, and others took profits from Wednesday's rally, leaving stocks little changed at the end of the day.</br></br>The Dow Jones Industrial Average inched up 13.62 points, or 0.1%, to close at 12461.14. It is now off just two points from where it started the year. Exxon Mobil, a Dow component, led the way, rallying 1.5% due to the rise in crude prices.</br></br>The blue-chip average has now risen four straight days, including a 159.42-point jump on Wednesday prompted by Federal Reserve comments on interest rates.</br></br>Oil futures for May delivery rose 3.5%, or $2.08, to $61.69 a barrel, now up 1% on the year at the New York Mercantile Exchange. It was the third straight rally in the oil market, which has been beset by jitters over falling U.S. fuel inventories and the prospect for rising demand as the weather warms and drivers hit the road.</br></br>Except for oil producers, however, most companies are hurt by higher fuel prices, which raise production costs and sap consumers' purchasing power. That helped to push some stocks lower yesterday.