Wall Street edges up as economy trumps oil
US stocks eked out gains despite another rise in oil prices as investors bet the latest data signaled the economy could absorb expected higher energy costs.
The Dow Jones industrial average was up 8.78 points, or 0.07 percent, at 12,066.80. The Standard & Poor's 500 Index was up 2.11 points, or 0.16 percent, at 1,308.44. The Nasdaq Composite Index was up 10.66 points, or 0.39 percent, at 2,748.07.
European shares fell further after deepening conflict in Libya and growing tensions elsewhere in the oil-rich Arab world pushed crude back near recent highs and fuelled growth fears among buyers of equities.
Fears the rising oil price could hit growth resulted in a 0.6 percent fall in the FTSEurofirst 300 as the equity risk premium rose, driving flows to the sidelines or into safer havens such as gold and the Swiss franc.
Japan's Nikkei average fell more than 2 percent, erasing most of the gains made over the past three days as a climb in oil prices and uncertainty in the Middle East prompted investors to take profits.Analysts said that in view of the market's run-up in the last three days, it was only natural that profit-taking emerged in futures when the Nikkei broke support around 10,580-10,600.
The benchmark Nikkei dropped 2.4 percent, or 261.65 points, to 10,492.38.
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