US stocks up as oil price drops

Wall Street roared back today, propelling the Dow Jones industrials up 115 points as crude oil prices plunged more than US$2 (€1.66) and consumer confidence surged to a three-year high.

Investors bought up stocks as crude oil, which had closed above US$60 (€49.74) per barrel on Monday for the first time, fell to US$58 (€48.08) amid profit-taking following the recent runup in prices. Light crude settled at US$58.20 (€48.24), down US$2.34 (€1.94), on the New York Mercantile Exchange.