Stocks Rebound As Oil Prices Dip

The Dow industrials sprang back toward the 9,000-mark Tuesday, narrowly missing a record as stocks in widely followed broader indexes all hit new highs.

The Dow Jones industrial average gained 88.19 points to 8,904.44, recouping most of the 90.18 points it gave up on Monday. The index of blue chip stocks remains just shy of the record it set on Friday, when it ended a weeklong climb of 300 points to close at 8,906.43.

In the broad market, the Nasdaq composite index had its first close above 1,800 and the Standard & Poor’s 500-stock list had its first finish above 1,100.

With no major economic reports issued, investors continued to focus on oil prices, which dipped Tuesday after soaring Monday.

Oil got a lift over the weekend when top petroleum exporting countries agreed to cut production in an attempt to revive the sluggish energy market. On Tuesday, Qatar announced it, too, would cut oil production and Iran’s oil minister said the Organization of Petroleum Exporting Countries would hold an emergency meeting soon to find ways to boost prices.

The movement to curb oil output raised fears of renewed inflation and lower corporate profits. But there has been growing skepticism that the cuts won’t be steep enough to make a significant reduction in a global glut of oil.

Advancing issues outnumbered decliners by about 8 to 7 on the New York Stock Exchange.

Volume on the floor of the Big Board came to 614.25 million shares as of 4 p.m., down from 628.81 million in the previous session.

Some of the stocks that moved substantially or traded heavily Tuesday:

NYSE

Bay Networks, up 1-5/16 at 29-1/8.

The Silicon Valley networking hardware provider is shipping its new networking products earlier than expected, citing strong demand.

Cendant, up 1-7/8 at 41.

The Parsippany, N.J. marketer agreed to buy National Parking Corp. for $1.34 billion.

Pfizer, down 1-1/16 at 94-15/16.

The New York-based drug maker expanded its marketing and development agreement with Monsanto Co.’s G.D. Searle unit over a Searle arthritis drug.

NASDAQ

Coldwater Creek, down 11-1/8 at 27-1/8.

The specialty direct mail retailer reported earnings for its fourth quarter above analysts’ expectations, but said it saw ‘preliminary indications’ for weaker demand for its upscale women’s fashions.