Falling oil lifts Wall St to highest since 2008

http://www.chicagotribune.com/business/sns-rt-us-markets-stockstre81k0cu-20120221,0,6512287.story

Caroline Valetkevitch

Reuters

3:45 p.m. CST, February 27, 2012

NEW YORK (Reuters) - The benchmark S&P 500 closed at its highest level since mid-2008 on Monday, extending gains for a third session as oil prices retreated after a recent rally and data showed further improvement in the U.S. housing market.

The S&P and the Nasdaq both eked out gains, while the Dow closed barely lower.

An industry group reported that contracts for home resales hit a near two-year high in January, lifting the Dow Jones home construction index 1.50 percent, while the PHLX housing sector index rose 1.19 percent.

A drop of about 1 percent in the price of oil relieved concerns that high energy prices could hurt the still-fragile economic recovery. Brent crude ended at $124.17, down $1.30.