Stocks surged higher today after new data soothed inflation concerns and the price of oil tumbled to its lowest level in five months. The advance carried the Nasdaq composite index to a new 52-week high.

US stocks rose modestly in uninspired trading today as investors looked past a mix of economic data and falling profit forecasts from Google Inc. and Applied Materials Inc.

Investors all but ignored another substantial retreat in oil prices today, leaving stocks mixed in a listless and lightly traded session.

Investors shrugged off rising crude futures today to capture bargain-priced shares, sending the Nasdaq composite index up 2% ahead of Google Inc.’s much-anticipated initial public offering of stock.