U.S. Stocks Rise as Oil Falls By Anupama Chandrasekaran NEW YORK (Reuters) - U.S. stocks rose on Thursday, reversing earlier losses, as a $2 drop in oil prices outweighed news of lackluster November sales at some retailers and a rise in jobless claims. Oil prices tumbled to an 11-week low below $44 a barrel after an increase in U.S. heating oil stocks eased worries of a winter supply squeeze. AnnTaylor Stores Corp. (ANN.N: Quote , Profile , Research ) fell 8 percent to $20.50 after it reported sales at stores open at least a year fell 8.3 percent in November on lower store traffic. Gap Inc. (GPS.N: Quote , Profile , Research ) slipped 4 percent to $21.60 after it said its sales at stores open at least a year fell 4 percent in November as demand slowed for holiday merchandise. The Dow Jones industrial average was up 24.38 points, or 0.23 percent, at 10,614.60. The Standard & Poor's 500 Index was up 1.67 points, or 0.14 percent, at 1,193.04. The technology-laced Nasdaq Composite Index was up 12.42 points, or 0.58 percent, at 2,150.65. "Initially, after yesterday's gains we saw a sell-off this morning; nothing significant just some profit taking. But again the market is taking a new direction as investors have the courage to buy stocks because oil looks like it is definitely headed down here," said Angel Mata, managing director of listed equity trading at Legg Mason Wood Walker. Shares of SBC Communications Inc. (SBC.N: Quote , Profile , Research ) rose 2.6 percent to $26.46 and BellSouth Corp. (BLS.N: Quote , Profile , Research ) climbed 2.7 percent to $28.61 after Cingular Wireless, a wireless company jointly owned by SBC and BellSouth, said on Wednesday it expects to report a profit and positive cash flow in 2005, one year earlier than planned. Stocks rallied on Wednesday on solid economic data and a 7 percent drop in oil prices. Crude prices extended their fall on Thursday and were down $1.69 a barrel at $43.70. The number of Americans filing new claims for jobless benefits jumped an unexpectedly large 25,000 last week, a government report said, while the number of longer-term unemployed fell to the lowest since April 2001. Booming orders for new military aircraft boosted overall orders to U.S. factories by 0.5 percent in October, the government reported, though demand was flat when defense was excluded. The October increase exceeded Wall Street economists' forecasts for a smaller 0.3 percent gain. Quelle "U.S. Stocks Rise as Oil Falls" : reuters.com Main page for "U.S. Stocks Rise as Oil Falls"