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US midday: Falling oil price lifts Dow

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Date: Monday 12 May 2008

LONDON (ShareCast) - US stocks surged midday as investors cheered a number of positive company announcements and falling oil prices.

Crude prices slid back down from earlier highs and are currently 51 cents lower at $125.32 a barrel.

Across the markets, the Dow Jones is up 96 points to 12,841 with the Nasdaq rising 29 points to 2474. The S&P 500 has gained 9 points at 1397.

In corporate news, Research In Motion rallied after the wireless device maker unveiled the new version of its best selling Blackberry with quicker Web browsing and more room for songs and videos.

Sprint Nextel said first-quarter losses more than doubled to $505m as the number of monthly subscribers fell, but shares in the wireless carrier were still on the rise.

Bond insurer MBIA also gained despite reporting first quarter losses of $2.41bn as it incurred hefty charges due to the continued weakness in the credit markets.

Package delivery firm FedEx warned on Friday that fourth-quarter earnings will miss forecasts due to surging fuel costs.

Cablevision is apparently close to buying newspaper Newsday from Tribune Co. for $650m.

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