Dow closes up as oil prices retreat

US stocks shuffled to a mixed finish today, rebounding from earlier lows as oil prices retreated after surging past $50 per barrel.

The Dow Jones industrial average closed up 3.18, or 0.03%, at 10,492.60, after spending most of the day in negative territory.

Broader stock indicators were narrowly lower. The Standard & Poor’s 500 index fell 0.30, or 0.03%, to 1,176.94.

The Nasdaq composite index dropped 0.91, or 0.04%, to 2,084.28, largely on weakness in the chip sector. The Philadelphia semiconductor index was down 0.73%.

With the euro reaching $1.3090 against the dollar, a new record high for the European currency, Wall Street worried about a falloff in foreign investment and more expensive imports that could curtail US consumer spending.

Crude oil futures briefly surpassed $50 a barrel but then retreated in volatile trading amid concerns about low inventories of heating oil ahead of winter.

Light, sweet crude for January delivery soared as high as $50.25 per barrel before settling at $48.94, an increase of 30c, on the New York Mercantile Exchange. The last time Nymex futures closed above $50 a barrel was on November 3.