Blue chip rally lifts Dow despite oil price rise
The Dow Jones gained 14.99 to 103249.11 as blue chips led a late-day bounce. Despite oil price gains hinting at inflation, traders eyed potential Fed rate cuts while the broader market lagged and many declines exceeded advances. Oil stocks such as Amoco ARCO Chevron Exxon Mobil and Texaco rose, while AMR Delta and UAL slipped. Hog futures rebounded with April hogs up 0.85 cent to 41.87 cents a pound and June up 1.23 cents to 47.90. Cattle and pork futures posted mixed results.
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