Stock indexes reach record levels as oil prices rise

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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.”

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