Wall Street closed a quiet session with a moderate advance Thursday even as oil prices extended their record-breaking run and as retailers issued sales reports that were generally not as gloomy as anticipated.
The price of crude oil passed $124 a barrel. And gasoline rose to a new record at the pump, climbing to a national average of nearly $3.65 a gallon.
The retailers’ sales data, meanwhile, suggested that high energy costs are leading consumers to alter their spending. Wal-Mart Stores Inc. said sales of groceries, flat-screen TVs and medications helped boost sales last month, 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.
The retail readings come a day after soaring oil prices knocked the Dow Jones industrial average down more than 200 points. Yet while oil surged past $124 late Wednesday in electronic after-market on the New York Mercantile Exchange, stocks managed to hold their gains.
Financial stocks were the worst performers of the day, however, as investors appeared nervous about whether the companies have problems on their books beyond subprime mortgages.
According to preliminary calculations, the Dow Jones industrial average rose 52.43 points, or 0.41 percent, and closed at 12,866.78. The Standard & Poor’s 500 index climbed 5.11 points, or 0.37 percent, and closed at 1,397.68. The Nasdaq composite index increased 12.75 points, or 0.52 percent, and closed at 2,451.24.
An early reading of the KansasCity.com index of 145 regional companies showed a drop of 2.64 points, or 0.30 percent, at 884.83.
Among Kansas City area companies of interest:
I Aquila Inc. closed at $3.73, unchanged.
I Cerner Corp. closed at $46.75, up 14 cents.
I Commerce Bancshares Inc. closed at $43.11, down 6 cents.
I DST Systems Inc. closed at $60.56, up 83 cents.
I Embarq Corp. closed at $43.28, down 53 cents.
I Garmin Ltd. closed at $42.30, down 59 cents.
I Great Plains Energy closed at $25.92, down 6 cents.
I H&R Block Inc. closed at $21.80, down 3 cents.
I Kansas City Southern closed at $46.81, up $1.06.
I Sprint Nextel Corp. closed at $8.98, down 18 cents.
I UMB Financial Corp. closed at $49.44, up 91 cents.
I Waddell & Reed Financial Corp. closed at $33.75, down 34 cents.
I YRC Worldwide Inc. closed at $17.68, down 48 cents.
The Closing Bell is compiled from staff and wire reports by Steve Rosen. Call him at 816-234-4879 or send e-mail to srosen@kcstar.com. A recap of the day’s markets activity is available in the Business section of The Kansas City Star.
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