Gonna ride this one for the full "8 seconds"!
U.S. Stocks Rise as Oil's Rally Stalls; Advanced Micro Gains
By Nick Baker
Aug. 22 (Bloomberg) -- U.S. stocks rose after a rally in oil prices stalled, renewing confidence that the economy will weather a slowdown prompted by two years of Federal Reserve interest-rate increases.
It's a ``decent environment for stocks,'' said Doug Sandler, chief equity strategist at Wachovia Securities Inc. in Richmond, Virginia. ``There seems to be mounting evidence that the Fed is navigating a soft landing'' for the economy.
The gains were limited by concern that Iran, the world's fourth-largest oil producer, will defy a United Nations plan to halt uranium enrichment, risking economic sanctions and disrupting supplies.
Advanced Micro Devices Inc., the world's second-biggest maker of personal-computer processors, led the advance after announcing a plan to win business customers. Goodyear Tire & Rubber Co., the largest U.S. tiremaker, gained after JP Morgan Chase & Co. recommended the shares.
The Standard & Poor's 500 Index added 1.49, or 0.1 percent, to 1299.01 at 10:10 a.m. in New York. The Dow Jones Industrial Average gained 14.08, or 0.1 percent, to 11,359.13. The Nasdaq Composite Index rose 5.39, or 0.3 percent, to 2153.14.
The S&P 500 is up 1.6 percent this month as investors have bet that the Fed won't push the economy into recession.
