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Energy pushes the Dow to 2009 highs

The Dow industrials and the S&amp;P 500 climbed yesterday to 2009 closing highs, buoyed by energy stocks as oil prices jumped, but financials retreated as investors panned results from <strong>Goldman Sachs </strong>and<strong> Citigroup</strong>.<br /><br />The Nasdaq eked out a slim gain, but shares of big-cap tech companies, including <strong>Apple</strong> and <strong>Google</strong>, dragged. Google lost 1 per cent to close at $529.91 on Nasdaq in the regular session, but after the bell, the stock jumped 1.5 per cent to $538.00 following results that beat Wall Street&rsquo;s expectations.<br /><br />US crude oil futures hit a one-year high, rising $2.40, or more than 3 per cent, to settle at $77.58 a barrel after data showed gasoline and distillate inventories fell sharply in the latest week. Energy shares rose, with <strong>Chevron</strong> up 1.6 per cent at $76.69 on the New York Stock Exchange.<br /><br />While Goldman Sachs Group and Citigroup results exceeded forecasts, they failed to meet the lofty standard set on Wednesday by JPMorgan Chase, the first major bank to report earnings.<br /><br />The Dow Jones industrial average gained 47.08 points, or 0.47 per cent, to close at 10,062.94, a fresh 52-week high. The Standard &amp; Poor&rsquo;s 500 Index rose 4.54 points, or 0.42 per cent, to finish at 1,096.56, its highest close for the year. The Nasdaq Composite Index added 1.06 points, or 0.05 per cent, to end at 2,173.29.<br /><br /><strong>Goldman&rsquo;s</strong> stock fell 1.9 per cent to $188.63 and <strong>Citigroup</strong> shares shed 5 per cent to $4.75, while an S&amp;P financial index lost 0.7 percent.<br /><br />On the economic front, data showed the Consumer Price Index prices edged up in September and the number of workers filing new claims for jobless benefits dropped to a nine-month low last week. <br /><br />A sharp increase in New York state factory activity was tempered by a report showing factory activity in the Mid-Atlantic region grew less than expected. Markets will continue to feel the push and pull of earnings season as investors react to individual corporate results.<br /><br />&ldquo;Most money managers I know, while being respectful of the upward momentum, recognise there are significant long-term problems and issues that need to be faced,&rdquo; said Jim Awad of Zephyr Management.<br />