A $4 plunge in crude oil prices helped push the stock market to its third consecutive positive close on Thursday. 

Today's Market

The Dow Jones Industrial Average rose 52.19 points, or 0.41% to 12646.22, the Standard & Poor’s 500 index gained 7.42 points, or 0.53%, to 1398.26 and the Nasdaq Composite Index picked up 21.62 points, or 0.87%, to 2508.32. The consumer-friendly Fox 50 rose 6.51 points, or 0.66%, to 985.79.

Wall Street wasn't able to hold onto all of its gains on Thursday, as the Dow was more than 125 points in the green earlier in the day when it became clear that oil was going to close sharply lower. Still, the Dow did post its first three-day win streak since April 15. 

Johnson & Johnson (JNJ) jumped 2.4% to lead the blue-chip index on Thursday. Financial stocks performed well also, with Citigroup (C) and Bank of America (BAC) rising about 2% each. On the downside, aluminum giant Alcoa (AA) fell 3% and energy titans ExxonMobil (XOM) and Chevron (CVX) were under pressure from the plunge in oil prices. 

The Nasdaq Composite advanced further than the broader market. Online travel site Expedia (EXPE) jumped 5.3% on an analyst upgrade to lead the Nasdaq 100. Also, Google (GOOG) rose about 2.6% on positive paid-click data from comScore. 

As has been the case for much of the past few weeks, Wall Street was very focused on the movement of oil prices. Trading in the energy market was extremely volatile, with oil futures trading in a wide $6 range in response to a new government report that showed an unexpected, very large drop in supplies. 

The Department of Energy said stockpiles tumbled by 8.8 million barrels, compared to the unchanged results that economists had expected. Oil prices turned south after an initial spike because the government said the supply drop, which was the largest in 3-1/2 years, was mostly caused by temporary delays unloading tankers along the Gulf Coast.

“We really don’t know how much oil is being imported into this country and that’s a problem for traders...There were enough doubts about these numbers to cause enough people to balk," Phil Flynn, energy analyst at Alaron Trading, told FOXBusiness. 

Crude closed at $126.62 a barrel, down $4.41 on the day. Oil was also hurt by the U.S. dollar, which gained in strength against rival currencies and closed with its first four-day win streak since April 1. 

"Who would’ve thought six months ago that people would be happy to see $100 oil again? If we get below $110 then there’s going to be dancing in the streets," said Marc Pado, U.S. market strategist at Cantor Fitzgerald. 

Crude's losses were turned into gains for other stocks, most notably airliners, which collectively rose more than 4.5%. Names like Delta (DAL) and Alaska Air (ALK) saw some of the biggest gains. 

Meanwhile, a pair of newly released economic reports offered few surprises for Wall Street. 

The government upwardly revised its estimate for first-quarter gross domestic product to show growth of 0.9%. That matched estimates from economists surveyed by Dow Jones. Previously, the government had estimated GDP rose 0.6%. 

GDP is the broadest indicator of any country’s economy and is the official barometer used to determine whether a country is in recession or not. A recession is commonly defined as two consecutive quarters of negative GDP growth. While 0.9% is sluggish growth at best, it’s not negative.

Also, the Department of Labor said weekly jobless claims grew by 4,000 last week to 372,000. Economists had expected a slightly larger 5,000 claim increase. Continuing claims increased by 36,000 to more than 3.1 million -- the highest level since Feb. 2004. 

“I think you have a combination of reassuring factors that the economy is not suddenly plummeting into the abyss like some people had believed," said Pado. "We’re missing the catalyst for the market to move significantly higher. But that’s okay.”

Corporate Movers

Bear Stearns (BSC) shareholders signed off on JPMorgan Chase’s (JPM) $10 per share buyout during a meeting on Thursday. As expected, the vote marked the end of the once venerable company that ended up being the biggest victim of the credit crisis. Just about a year ago Bear Stearns was worth $154 per share.

Dell (DELL) rose in after-hours trading after it beat the Street with its first-quarter results. The world's second-largest computer maker earned 38 cents per share on $16.08 billion in revenue. Analysts polled by Thomson Reuters had been looking for earnings of 34 cents on $15.68 billion in revenue. The results were boosted by strong growth of 21% in its server business. Also, Dell's notebook unit posted a 43% rise in sales.

Sears Holdings (SHLD) fell 4.1% after it posted an unexpected first-quarter loss. On an adjusted-basis, the retailer lost 53 cents per share, compared to profits of $1.15 a year ago. Revenue fell 6% to $11.1 billion. Analysts surveyed by Thomson Reuters expected a profit of 15 cents per share on $11.41 billion in revenue. 

Costco (COST) revealed a 32% jump in fiscal third-quarter profit to beat the Street. The company earned 67 cents per share on a 13% rise in sales to $14.34 billion. Wall Street had been looking for earnings of 65 cents per share on $16.35 billion, according to Thomson Reuters. 

United Airlines (UAUA) and U.S. Airways (LCC) chief executives were scheduled to meet on Thursday to discuss a potential merger, The Wall Street Journal reported. The expected meeting came as talks between the two airlines have slowed, the newspaper reported. Earlier this year United was turned down by rival Continental (CAL), dealing a blow to the airline. There are still several obstacles to a combination between United and U.S. Airways, including how to fund a deal, solve labor issues and others, the Journal reported. 

General Motors (GM) could soon be releasing plans for yet more cost cutting moves, according to published reports. Restructuring plans are expected to be formally announced at a GM shareholder meeting on June 3 and could include the elimination of weak-selling models and plans to increase revenue, according to The Wall Street Journal. Shares of GM have been hammered by ugly truck sales and scary oil prices, recently tumbling to 26-year lows. The stock has lost nearly a third of its value year-to-date. 

Anheuser-Busch (BUD) should look at any offers from Belgian-Brazilian brewer InBev through the lens of "shareholder value" instead of the Busch family legacy, a member of the founding family told The Wall Street Journal. Adolphus A. Busch IV, an uncle of CEO August A Busch IV, told the newspaper: "It is strictly a matter of shareholder value." The comments come days after news broke that InBev was considering a takeover offer of Anheuser-Busch. It's believed that CEO August A. Busch IV and other family members are against such a move, the Journal reported. 

MasterCard (MA) jumped 7.7% after the credit card giant reportedly upped its profit target by as much as 50%. The company now sees net income rising 20% to 30% in the “longer-term,” compared to its earlier forecast for 15% to 20% growth, according to Bloomberg News. Citing a slideshow in an undisclosed regulatory filing, the news agency also said its revenue may rise 12% to 15%, higher than its earlier forecast for 8% to 10% increases.

Expedia (EXPE) rose 5.3% after an analyst at Stifel Nicolaus upgraded the stock to “buy” from “neutral” on valuation. The analyst also said the current credit markets wouldn’t support the rumored buyout of the online travel site. Chairman Barry Diller told FOXBusiness on Wednesday that he is not planning to take Expedia private. Also, Stifel Nicolaus upgraded rival Orbitz (OBTZ) to “buy” from “neutral.”

Men’s Wearhouse (MW) dove 10.4% on a first-quarter earnings miss and a lower-than-expected profit forecast for the second quarter. The retailer posted adjusted-earnings of 20 cents per share, 2 cents shy of estimates from Thomson Reuters. Men’s Wearhouse said its revenue fell to $491.1 million, higher than the $477 million expected. Looking ahead, the company lowered its 2008 and second-quarter estimates to below the Street’s view.

Trump Entertainment Resorts (TRMP) soared 19.1% after it said it is selling Atlantic-City, N.J.-based Trump Marina Hotel Casino to Coastal Marina for $316 million. Also, the two companies have agreed to end unrelated litigation with prejudice upon closing of the deal. The 14 acre, 27-story property will be rebranded and refurbished under the “Margaritaville” brand.

Google (GOOG) rose 2.6% on new data showing its U.S. paid-clicks rose by 19.6% in April from the year before, according to Thomson Reuters. The comScore results, which compare to a 2.7% fall during March, prompted Susquehanna Financial to raise its price target on the stock to $635 from $600. Google's rivals posted declines in April, with Microsoft's (MSFT) paid-clicks falling 9% and Yahoo's! (YHOO) losing 4.4%, according to Dow Jones. 

H.J. Heinz (HNZ), maker of its namesake ketchup, said it earned $194.1 million, or 61 cents a share, up from $181 million, or 55 cents a share, a year earlier. The earnings announcement was in line with analysts' expectations. Shares of Heinz rose 3.6%. 

World Market

The Dow Jones Euro Stoxx 50 Index, a gauge of the 50 biggest companies in Europe, gained 9.06 points, or 0.24%, to 3752.24. The FTSE 100, London's benchmark index, slid 1.50 points, or 0.02%, to 6068.10.

On the continent, Paris's CAC 40 Index picked up 4.79 points, or 0.10%, to 4975.90 while Germany's DAX rose 21.19 points, or 0.30%, to 7055.03.

In Asia, Tokyo's Nikkei 225 Index jumped 415.03 points to 14124.47. Hong Kong's Hang Seng Index gained 134.48 points to 24383.99.