US stocks up

Wall Street managed a moderate advance today as investors concentrated on solid second-quarter earnings and shrugged off higher oil prices and a drop in US petroleum reserves.

Investors are anticipating more good news on earnings after Harley Davidson and Abbott Laboratories reported strong quarterly results.

Harley Davidson’s stock gained; Abbott’s third-quarter guidance, however, pushed its stock lower.

“Earnings are very good, corporations are flush with cash and we’re seeing more dividend increases occurring,” said Joe Lisanti, editor of Standard & Poor’s weekly newsletter The Outlook.

“We’re going to see more investors pleased with their returns.”

Stocks briefly gave up some early gains after the Energy Department reported that crude oil and petrol supplies declined again last week. Some production in the gulf had been disrupted due to Tropical Storm Cindy and Hurricane Dennis.

A barrel of light crude was quoted at $60.01, down 61 cents, on the New York Mercantile Exchange.

The Dow Jones industrial average rose 43.50, or 0.41%, to 10,557.39,

Broader stock indicators also advanced. The Standard & Poor’s 500 rose 1.08, or 0.09%, to close at 1,223.29 and the Nasdaq composite index rose 0.96, or 0.04%, to 2,144.11.