Jump in oil prices keeps stocks mixed

Oil prices that topped $55 per barrel pressured stocks Thursday, leaving the major indexes mixed despite upbeat retail sales and strong economic news.

But considering the huge rise in crude oil futures, the stock market responded surprisingly well, with only the Nasdaq composite index posting a loss due to volatility in the semiconductor sector. A barrel of light crude for April delivery was quoted at $53.57, up 52 cents, on the New York Mercantile Exchange. Crude rose as high as $55.20 in intraday trading — a new four-month high.

“Energy prices, in my opinon, aren’t moving on fundamentals, they’re being driven by speculators,” said Michael Sheldon, chief market strategist at Spencer Clarke LLC. “In this environment, it’s difficult to predict the direction of the market.”

Some investors refrained from making large bets before today’s job creation report from the Labor Department.

The Dow Jones industrial index gained 21.06, or 0.2 percent, to 10,833.03.

The broader gauges were mixed. The Standard & Poor’s 500 index rose 1.15, or 0.1 percent, to 1,211.23, while the Nasdaq was down 9.10, or 0.4 percent, at 2,058.40.

Some of the pressure on the tech-heavy Nasdaq, which has lagged the other indexes since the first of the year, came from the volatile chip sector. The Philadelphia Semiconductor Index, which was down 1.27 percent for the session, has either fallen or advanced at least 1 percent each of the last five sessions, reflecting a great deal of uncertainty among tech investors.

Meanwhile, a favorable revision on worker productivity eased inflation worries and helped bonds rally briefly, though the soaring cost of oil tempered the gains. The yield on the 10-year Treasury note was steady at 4.38 percent, the dollar was mixed against other major currencies and gold fell.

Advancing issues outnumbered decliners by nearly 5 to 4 on the New York Stock Exchange. Volume was moderate.

The Russell 2000 index, which tracks smaller company stocks, was up 0.96, or 0.2 percent, at 638.29.

Overseas, Japan’s Nikkei stock average added 0.36 percent. In Europe, France’s CAC-40 shed 0.03 percent, Britain’s FTSE 100 gained 0.44 percent and Germany’s DAX index was down 0.46 percent.