Stocks Gain Favor as Oil Slips

Stocks edged higher Thursday as oil slipped, with traders selling the commodity to settle expiring options bets.

The Dow Jones Industrial Average finished up 94.28 points, or 0.7%, at 12992.66, helped by a 1.5% gain in Chevron. The energy giant was upgraded by UBS analysts, who moved the company to a buy rating from hold, saying it is well-positioned to capitalize on oil's long-term rally.

Outside the energy sector, however, most companies suffer when oil prices are high and benefit when they drop, lowering companies' fuel costs and freeing cash in consumers' pockets to spend on goods and services aside ...