Stocks shrug off denial of BofA's dividend request

NEW YORK — Stocks are closing slightly higher after a government report showed stronger demand for gasoline.

Stocks had been lower earlier but rallied late in the day after an Energy Department report showed that gasoline consumption continues to grow despite sharp price increases at the pump.

Economists have been concerned that the recent spike in oil prices could imperil the economic recovery.

The S&P 500 index edged up 4 points, or 0.3 percent, to close at 1,298.

The Dow Jones industrial average rose 67, or 0.6 percent, to 12,086.

The Nasdaq rose 14, or 0.5 percent, to 2,698.

Rising shares outpaced falling ones by a slight margin. Volume was 3.9 billion shares.