U.S. Stocks Rebound, Wal-Mart Gains

Stocks fell sharply on Wednesday, with the Dow losing over 200 points, as oil futures soared past $123 a barrel. Wal- Mart Stores Inc. surged after shoppers seeking discounted goods boosted sales. News Corp., the owner of Fox television, climbed on revenue that was lifted by advertising sales and on a gain from the sale of its stake in DirecTV Group Inc.

The S&P 500 added 414, or 0.3 percent, to 1,396.71 at 11:58 a.m. in New York. The Dow Jones Industrial Average gained 63.92, or 0.5 percent, to 12,878.27. The Nasdaq Composite Index increased 12.36, or 0.5 percent, to 2,450.85.

Wal-Mart and Costco Wholesale Corp. both surpassed estimates as shoppers bought food and clothes along with gasoline at Wal-Mart's Sam's Club and Costco. These warehouse stores sell fuel cheaper than other retailers, an attractive asset to consumers as oil continues to hit reach new records. Wal-Mart was recently up 73 cents to $57.56.

News Corp posted third-quarter revenue that topped analysts' estimates after. News Corp. said profit tripled from a year earlier, boosted by a gain from the sale of its stake in DirecTV Group Inc and revenue from advertisements for ``American Idol'' and the Super Bowl. The media company, which is controlled by Rupert Murdoch , rose 74 cents to $19.94.

Best Buy said it's going to pay $2.1 billion for half of Carphone Warehouse's stores in Europe. Best Buy shares fell 75 cents to $42.70.

Toyota Motor fell 4.6 percent after reporting a 28 percent profit fall and said year to April profits would fall due to a weak dollar and a tough U.S. auto market.

The Labor Department reported that the number of Americans filing applications for the first time fell to 365,000 from a revised 383,000 the prior week. The level of continuing claims declined by 10,000 to 3.02 million for the week ended April 26.