paid index was sharply lower, indicating that inflationary pressure is subsiding, which is a positive for equities," said John Person, president of Nationalfutures.com, a market advisory service in Palm Beach, Florida. "Consumer sentiment was a little better than expected, and that obviously will help put a spark under the market." Offsetting factors for the blue-chip Dow were 3M Corp. and Pfizer Inc.. Before the bell 3M warned it would take a $75 million tax charge in the second quarter and faced a price-target cut from UBS. Pfizer said it had dropped development of two key drugs. Shares of 3M dropped 1.3 percent to $71.30 and Pfizer sank 1.7 percent to $27.10. Both trade on the New York Stock Exchange. Investors were also awaiting a second-quarter update from ConocoPhillips, whose shares rose 1.6 percent to $58.38, not far from their 12-month high of $61.35 reached in late June. Oil company shares have benefited from the high price of crude in recent weeks. Shares of Sears Holdings Corp. rose 2.1 percent to $153.10 on the Nasdaq after Deutsche Bank picked up coverage of the retailer with a "buy" rating.
