Thursday, May 28, 2009
Wall Street is rising modestly as an increase in the price of oil is lifting energy stocks.
Oil is up 95 cents at $64.40 a barrel.
The gains in choppy trading Thursday are being curbed by worries about housing. The government says sales of new homes edged up only 0.3% in April, less than analysts were expecting. A separate report shows that a record 12% of mortgage holders were behind or in foreclosure in the first quarter.
At midday, the Dow Jones industrial average is up 18 at 8,318. The Standard & Poor's 500 index is up 5 at 878 and the Nasdaq composite index is up 1 at 1,732.