US mkts gain on softening oil price

CNBC's Rebecca Jarvis - Oil reversing direction driving stocks a little bit higher. The Dow closing up 24.5 points, the S&P 500 gaining nearly 4 points and Nasdaq adding about nearly 16 points.

After getting an all time high and trading above the USD 135/bbl profit taking in crude oil futures down more than USD 2/bbl under USD 131/bbl, so first loss in five sessions. Record gas prices are overtaking their toll on Ford Motor company, losing 8% of its values of sales of Sport Utility Vehicle (SUVs) and pick up trucks slump. Photocut production of light vehicles is no longer expecting to return profit as of next year as was previously forecast.

Federal Reserve held ninth of its auction of safe treasury securities to ease credit markets. Investment firms bought USD 46 billion worth that is little more than half of what was offered it is possibly the sign that credit outlook is improving.

Wall Street action:
Dow closes up 24.5 pts, S&P gains 4 and Nasdaq higher by 16 pts
Profit taking helps crude cool off to $130/bbl
Fed holds 9th auction of safe treasury securities to ease credit mkts; invst firms buy $46 bn