US stocks notch record as rising oil boosts energy sector
Source: AP-Excite
By STEVE ROTHWELL
NEW YORK (AP) — The stock market eked out another record close on Thursday as rising oil prices boosted energy stocks.
Best Buy was among the biggest gainers after reporting earnings that exceeded the expectations of Wall Street analysts. Lumber Liquidators, a specialty retailer of hardwood flooring, plunged after its CEO abruptly quit the company.
Stocks are trading at record levels, but the market's gains this week have been modest.
On the one hand, signs that the economy is flagging suggest that the Federal Reserve will likely refrain from raising rates until later in the year at the earliest. The central bank has kept its benchmark interest rate close to zero for more than six years. That's been a good backdrop for stocks.
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Trader George Baskinger, center, works on the floor of the New York Stock Exchange Thursday, May 21, 2015. U.S. stocks edged higher in early trading. Energy stocks rose more than the rest of the market as the price of oil climbed. (AP Photo/Richard Drew)
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