Wall Street rises, but so does oil

Share prices rose slightly on Wall Street overnight, despite a prediction that oil prices could soon hit $US150 a barrel.

That prediction, by Morgan Stanley,saw oil futures rise above $US130 a barrel again, a jump of $US1.89 a barrel on the day’s trade.

The Dow Jones industrial index rose 45.68 points, to close at 12,594.03.

The S&P 500 also rose, gaining 5.49 points to close at 1,390.84.

The NASDAQ composite index rose. too. It put on 5.46 points to reach 2,486.70.

The turnabout, from recent losses, caused one optimistic trader to declare:”the bottom is in.”

It was, after all, the second straight day of gains.

But there were more cautious assessments, too.

“The market is seeking direction,” one analyst said.

But even he conceded that sentiment is now on the upside, however weakly.

The rises, overnight, were wide-spread.

Seventeen of the 30 components of the Dow Jones industrial index recorded rises, on the day’s trading.