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May 17, 2007
NEW YORK (AP) — Wall Street shot higher Wednesday after investors shrugged off a mixed reading on the housing sector and focused on the positives: a jump in industrial output, a retreat in crude oil prices and new cash pouring into the stock market. The Dow Jones industrials rose 103 points to another closing record.
Stocks initially slipped after Commerce Department data showed applications for building permits fell by the biggest amount in 17 years during April punctured an early rally. But they gradually regained strength, finding support from a Federal Reserve report that showed industrial output rose more than expected in April, and a rebound in U.S. crude and gasoline inventories that caused crude oil prices to pull back.
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