Published: May 09, 2008 10:05 am         

Stocks up even as oil extends record run

NEW YORK (AP) -- Wall Street closed a quiet session with a moderate advance Thursday, with energy and other commodities companies leading the market as oil prices extended their record-breaking run.

The price of crude oil swept past $124 a barrel in late New York Mercantile Exchange trading, while gasoline rose to a new record of its own at the pump, climbing to a national average of nearly $3.65 a gallon.

Although the rising price of oil ignited concerns about inflation on Wednesday, knocking the Dow Jones industrial average down more than 200 points, stocks managed to hold on to their gains even as oil rose Thursday. Some of the big gainers were the companies that would benefit the most from higher commodities prices -- the oil companies and metals producers like Alcoa Inc. -- and they helped lift the major indexes.

Stocks also rose after retailers issued April sales results that, while not strong overall, were less gloomy than expected. The data suggested that high energy costs are leading consumers to alter their spending, and Wal-Mart Stores Inc. was one of the beneficiaries of that trend. But some apparel stores -- whose merchandise falls into the category of discretionary items -- again saw depressed sales as consumers budgeted more for gasoline and food.