Wall streat rebounds moderately as crude prices fall

Markets had a slight rebound today as as oil prices stepped back from their frenetic upward run. The Labor Department said the number of workers seeking unemployment benefits declined 9,000 last week to 365,000. The market had expected a slight increase.
The Dow rose 24.43, or 0.2 percent, to 12,625.62. The Standard & Poor’s 500-stock index rose 3.64, or 0.3 percent, to 1,394.35, and the Nasdaq composite index rose 16.31, or 0.7 percent, to close at 2,464.58.

Light crude fell $2.36 to settle at $130.81 a barrel.

Microsoft, one of the 30 Dow stocks, added 22 cents to close at $28.47 a share. Boeing, also a Dow stock, also gained 22 cents to end at $81.4.

U S stocks tumble,stagflation worries increase

US Stocks had a fairly week session today as stocks tumled on account of as record-high oil prices and a bleak economic assessment from the Federal Reserve deepened investors' worry about rising costs and a shaky employment picture. The Dow Jones industrial average fell 227 points or 1.8 percent, to 12,601.19, logging its widest two-day loss since late February.Nasdaq Composite Index fell 43.99, or 1.8 percent, to 2,448.27.

fears increased that the U.S. economy faces 1980s-style stagflation after the Federal Reserve slashed its economic growth forecasts while raising estimates for inflation.

Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. sent financial shares to their lowest since April 15. Target Corp. led retailers to their worst decline in a month and an index of airlines slid to an all-time low as crude climbed above $133 a barrel. Moody's Corp. slumped the most since 1999 after the credit ratings company said it is investigating whether it mistakenly assigned Aaa ratings to debt securities that later fell in va