NEW YORK, Aug. 11 (Xinhua) -- Wall Street rose Monday, as oil prices resuming its decline boosted consumer discretionary stocks.
Crude continued to drop Monday on signs that the U.S. economic slump will extend into 2009 and as investors appeared to set aside their concerns about the conflict between Russia and Georgia over the province of South Ossetia, which may disrupt crude supplies from the Caspian Sea. Light, sweet crude fell to a three-month low and settled below 115 U.S. dollars a barrel for the first time since May 1 on the New York Mercantile Exchange.
All 29 stocks in the Standard & Poor's 500 Retailing Index climbed as crude continued to decline. Wal-mart Store led the rally, as Goldman Sachs said the world's largest retailer may exceed its own earnings forecast for the second quarter.
Moreover, Nasdaq increased more than one percent, as Amazon. comInc. jumped 9.4 percent. Analysts from Citigroup predicted that sales of its Kindle electronic-reading devices will double the previous expectation.
The Dow Jones rose 48.03, or 0.41 percent, to 11,782.35. Broader indexes also traded higher. The Standard & Poor's 500 index climbed 9.00, or 0.69, to 1,305.32; and the Nasdaq advanced 25.85, or 1.07 percent, to 2,439.95.
