Stock indexes reach record levels as oil prices rise

Wall Street stocks ended at record highs on Thursday as surging oil prices and strong retail earnings bolstered investor confidence.

It was the first time all three major indexes reached new records on the same day since the dot-com boom, according to The Wall Street Journal.

Crude oil jumped as much as 5 percent on comments from the Saudi oil minister about potential action to stabilize prices and the International Energy Agency’s forecast that crude oil markets will rebalance in the next few months, according to Reuters.

The Dow Jones industrial average climbed 0.64 percent, closing at 18,613.52, and the Standard & Poor’s 500 index gained 0.47 percent, to 2,185.79.

The Nasdaq composite index added 0.46 percent, to 5,228.40.

A stock market rally since late June has pushed the S&P 500 up 7 percent this year, helped by better-than-expected quarterly earnings and low interest rates, but some investors are worried about high valuations.

“I’m a bit surprised to see us hitting record highs again,” Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, told the wire service. “We are pretty topped out, and we should move sideways for awhile.”


‘A Phenomenal Success’

The Southampton International Boat Show had more than 88,000 visitors during its 10-day run, after last year’s cancellation.

TopSide Marinas Makes First Two Acquisitions

Founded in January 2020, the firm has thus far acquired Beavers Bend Marina in Oklahoma and Galveston Yacht Basin in Texas.

Two Boosts for Boating and Fishing

MBIA’s Metro Boat show show draws a crowd, and the U.S. Fish and Wildlife Service expands boating and fishing opportunities.

Norwalk Boat Show Held This Weekend

The NMMA show runs through Sunday at Norwalk Cove Marina in Norwalk, Conn.

Raritan Expands Team

Patrick McNeel joins the New Jersey-based manufacturer as a marine equipment product developer.

Industry Mourns Walter “Bing” Burns O’Meara

The longtime publisher of Lakeland Boating magazine has died at 81.

NMMA Announces Hall of Fame Inductees

Regulator Marine’s Joan Maxwell and Bill Watters of Syntec Industries will be honored at IBEX.

Brunswick Acquires SemahTronix

The supplier of wiring harnesses and other electrical assemblies will be part of Brunswick’s growing Advanced Systems Group.