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NEW YORK (AP) - Wall Street surged higher Thursday as investors welcomed strong earnings from Bear Stearns Cos. and Lehman Brothers Holdings Inc. and another drop in unemployment benefits claims.
Airline stocks, however, were pummeled after the Organization of Petroleum Exporting Countries said it would keep its oil production target stable, but left open the possibility of a cut in February. Although higher fuel prices could dampen consumer spending and lead to higher materials costs for companies, investors overall seemed unfazed, and the prospect of higher revenues gave oil company stocks a lift.
Wall Street was also boosted by the Labor Department's report that Americans filing for unemployment benefits plunged for a second straight week — a signal that the U.S. economy won't cool as quickly as some investors feared.
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