Dow Jones: 12,044.40 (+59.79) Nasdaq: 2,299.26 (+14.97) SP 500: 1,304.28 (+9.17):US STOCKS closed the week on a high note last night, on relief that unrest did not engulf top oil producer Saudi Arabia, calming some investors who worried the market was entering a near-term slide.

Stocks snapped back from early-week losses even as other markets were hit hard by a devastating earthquake in Japan, the country’s strongest on record. Oil refiners and industrial-related shares led Wall Street higher.

Shares initially fell as investors reeled from images of mass destruction after the Japanese earthquake and tsunami left at least 1,000 dead. But the market reversed losses and notched solid gains as investors shook off fears of the quake’s impact on Japan, the world’s third largest economy.

The Dow Jones industrial average rose 0.50 per cent, the SP 500 climbed 0.71 per cent and the Nasdaq added 0.54 per cent.

Refiners Valero Energy rose 6.3 per cent and Tesoro jumped 8.4 per cent after Japan’s oil-refining capacity was hit by the earthquake and tsunami.

Japanese shares traded in New York fell sharply. The Bank of New York Mellon’s index of Japanese ADR’s lost 2.1 per cent. Toyota lost 2.1 per cent to $85.65.

Investors said some industrial shares could benefit in the rebuilding operation in Japan but said information on the extent of damage was still scarce.

Caterpillar shares rose 1.7 per cent to $100.02. The Dow Jones industrials index rose 1 per cent.

Stocks of global insurers were also in the spotlight on expectations of claims for damages.

Among insurers in the US likely to have exposure in Japan, Aflac fell 0.3 per cent to $55.55 and Berkshire Hathaway rose 0.4 per cent to $85.26. The KBW Insurance index rose 0.6 per cent.

US dollar denominated-Nikkei stock futures fell 2.8 per cent, but market players said Japanese markets may not suffer too deep a slide because of the lack of impact on major cities and manufacturing facilities.

Brent crude futures fell 1.4 per cent to below $114 and US crude was off 1.6 per cent at about $101.

Volume was about 7.13 billion shares on the Nasdaq, NYSE and Amex, below last year’s daily average of 8.47 billion. On the NYSE, nearly two stocks rose for every one that fell, while on Nasdaq, 10 stocks rose for every nine that fell. – (Reuters)