US stocks edge higher as investors watch oil retreat

Wall Street rose modestly Thursday as investors reacted to a pullback in oil prices and sifted through sales figures from retailers that were generally not as gloomy as anticipated.

The retailers' sales data still suggested, however, that high energy costs are leading consumers to alter their spending. Wal-Mart Stores Inc., said sales of groceries, flat-screen TVs and medications helped boost sales last month at stores open for at least a year by 3.2 percent. But some apparel stores, whose merchandise falls into the category of discretionary items, continue to see depressed sales, with consumers budgeting more for gasoline and food.

The retail sales readings come a day after soaring oil prices knocked the Dow Jones industrial average down more than 200 points. After hitting a record of nearly $124 late Wednesday in electronic trading, crude dipped 98 cents to $122.55 a barrel on the New York Mercantile Exchange.

The Dow rose 32.89, or 0.26 percent, to 12,847.24.

Broader stock indicators turned higher after fluctuating in early trading. The Standard & Poor's 500 index rose 0.88, or 0.06 percent, to 1,393.45, and the Nasdaq composite index rose 7.52, or 0.31 percent, to 2,446.01.

(Agencies)