U.S. STOCKS - Market gains on oil's drop as tech, retail rise

Enlarge Photo A street sign is seen on Wall Street outside the New York Stock Exchange December...

Thu, May 15 11:33 PM

NEW YORK (Reuters) - U.S. stocks rose on Thursday as a drop of more than $2 in crude oil prices eased worries about the impact of higher energy costs on consumer spending.

Advancers included shares of technology companies such as Apple Inc following a spurt of deal news in the tech sector and shares of retailers following stronger-than-expected results from J.C. Penney Co.

U.S. crude for June delivery declined $2.12, or nearly 2 percent, to $122.10 a barrel on the New York Mercantile Exchange.

The Dow Jones industrial average climbed 47.87 points, or 0.37 percent, to 12,946.25. The Standard & Poor's 500 Index jumped 8.32 points, or 0.59 percent, to 1,416.98. The Nasdaq Composite Index leapt 24.89 points, or 1.00 percent, to 2,521.59.

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