Stocks rise modestly as oil extends record high run

Wal-Mart shares rose 56 cents to $57.39, but Target Corp. fell $1.24, or 2.3 percent, to $52.20 after saying its same-store sales rose in April by an amount that was smaller than analysts forecast.

A weak U.S. consumer affected Toyota Motor Corp., which said late Wednesday that profit in the January-to-March period tumbled 28 percent due to the rising yen and weak North American sales. The Japanese automaker also predicted sales will drop for the fiscal year through March 2009 for the first time in several years, and profit will fall 27 percent.

Toyota's U.S.-traded shares fell $4.35 or 4.2percent, to $100.41

In other earnings news, American International Group Inc. is scheduled to release its first-quarter results after the close of trading. Analysts expect the insurer to post a loss. AIG shares fell $1.08, or 2.4 percent, to $44.01 ahead of the report.

Gold prices rose, while the dollar declined against most other major global currencies.

The European Central Bank left its interest rates unchanged Thursday. ECB President Jean-Claude Trichet pointed to clear upside risks to price stability, indicating that the bank is unlikely to lower its rates in the near future.

The Russell 2000 index rose 1.26, or 0.18 percent, to 717.47.

Advancing issues narrowly outnumbered decliners by about 9 to 7 on the New York Stock Exchange, where volume amounted to a light 1.04 billion shares.

In overseas trading, Tokyo's Nikkei index fell 1.13 percent, Britain's FTSE index rose 0.16 percent, Germany's DAX index fell 0.06 percent, and France's CAC-40 fell 0.39 percent.

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