U.S. stocks rise as oil backs off from record $135 level

Date: Thu, 22 May 2008 12:03:27 -0400
U.S. stocks rise as oil backs off from record $135 level

U.S. stocks rose in morning trade Thursday, with investors cheering oil
backing off from record highs above $135 a barrel and a drop in jobless
claims after two days of heavy losses.

Ford shifts output toward cars, crossovers; profit view revised

Ford Motor Co. will cut production and expects to be about breakeven in
2009 on a pretax basis, excluding items, citing a delay in North America
Automotive profitability.

Futures Movers: Oil futures retreat from record $135-a-barrel level

Crude-oil futures retreat from an overnight record high above $135 a
barrel as traders lock in profits from a four-session winning streak
that's lifted prices for the commodity by more than 7%.

Indications: Futures rise slightly after two days of heavy losses

U.S. stock futures were broadly flat on Thursday after two days of heavy
losses, with oil futures continuing to surge, meeting the $135-a-barrel
landmark.

Economic Report: Home prices down 1.7% in first quarter, U.S. agency
says

U.S. home prices fall a seasonally adjusted 1.7% in the first three
months of 2008 -- the largest quarterly price decline on record as
tracked by the Office of Federal Housing Enterprise Oversight.