US stock market closed modestly higher on Tuesday after dipping in and out of negative territory throughout the day as investors remained cautious before, but the ending season got into full swing. A late rally in U.S. stocks forced the Dow Jones Industrial Average to a record as crude oil dropped to an eight-month low.
Energy stocks led the advance as natural gas climbed to a six-week high in New York, outweighing oil's drop below $59 a barrel. It seems to be the cut of in production is not having much effect in the price market if OPEC cuts production of 1.7 million barrel from each nation that would defiantly would had its effect by now. Crude oil fell to the lowest since Feb. 16 after Saudi Arabia's state oil company told customers in East Asia and the Mediterranean to expect the same quantity of oil in November as last month, undercutting OPEC's plans to cut output. Oil for November delivery lost 2.4 % to $58.52 in New York.
The market's gains were also limited after comments by Federal Reserve Bank of Dallas President Richard Fisher suggested the central bank is in no hurry to cut interest rates. Fisher said he's ``comfortable'' with the Fed's current interest-rate stance, though not with the level of inflation.
Supervalu Inc., the second-biggest U.S. supermarket chain, climbed $1.38 to $32.39. The company increased its full-year profit forecast, excluding one-time costs, to as much as $2.80 a share. Analysts estimated $2.21. Profit as compared last quarter jumped to 61 cents a share, beating the 53-cent average analyst estimate.
At the close, the S&P 500 was up 0.2 per cent, or 2.76 points, at 1,353.42,
While the NASDAQ Composite was up 0.2 per cent or 3.66 points at 2,315.43.
The Dow Jones Industrial Average ticked up 0.1 per cent or 9.36 points 11,867.17, briefly hitting an all-time intra-day high of 11,877.90.
Energy stocks led the advance as natural gas climbed to a six-week high in New York, outweighing oil's drop below $59 a barrel. It seems to be the cut of in production is not having much effect in the price market if OPEC cuts production of 1.7 million barrel from each nation that would defiantly would had its effect by now. Crude oil fell to the lowest since Feb. 16 after Saudi Arabia's state oil company told customers in East Asia and the Mediterranean to expect the same quantity of oil in November as last month, undercutting OPEC's plans to cut output. Oil for November delivery lost 2.4 % to $58.52 in New York.
The market's gains were also limited after comments by Federal Reserve Bank of Dallas President Richard Fisher suggested the central bank is in no hurry to cut interest rates. Fisher said he's ``comfortable'' with the Fed's current interest-rate stance, though not with the level of inflation.
Supervalu Inc., the second-biggest U.S. supermarket chain, climbed $1.38 to $32.39. The company increased its full-year profit forecast, excluding one-time costs, to as much as $2.80 a share. Analysts estimated $2.21. Profit as compared last quarter jumped to 61 cents a share, beating the 53-cent average analyst estimate.
At the close, the S&P 500 was up 0.2 per cent, or 2.76 points, at 1,353.42,
While the NASDAQ Composite was up 0.2 per cent or 3.66 points at 2,315.43.
The Dow Jones Industrial Average ticked up 0.1 per cent or 9.36 points 11,867.17, briefly hitting an all-time intra-day high of 11,877.90.
