US investors send stocks soaring

US investors brushed aside a spike in oil prices today, sending stocks higher on the strength of Ford Motor Co’s bullish profit outlook.

Ford’s outlook was a surprise since the vehicle manufacturer announced cutbacks in production earlier this month.

Wall Street managed to hold on to its gains today despite oil prices rising back above $45 per barrel, driven by lost capacity from the Gulf of Mexico in the wake of Hurricane Ivan.

A barrel of light crude settled at $45.59, up $1.71, on the New York Mercantile Exchange.

The Dow Jones industrial average rose 39.97, or 0.4%, to 10,284.46.

Broader stock indicators were modestly higher. The Standard & Poor’s 500 index was up 5.05, or 0.4%, at 1,128.55, and the Nasdaq composite index gained 6.01, or 0.3%, to close at 1,910.09.

For the week, the Dow fell 0.3%, reversing five weeks of gains, while the S&P 500 was up 0.4% and the Nasdaq rose 0.8%. It was the sixth straight positive week for the S&P 500 and the second week of gains for the Nasdaq.

The Russell 2000 index of smaller companies was down 1.38, or 0.2%, at 573.16.