S&P Close Highest Since 2008

    Pedestrians walk past the Standard & Poor's Financial Services LLC logo displayed outside of the company's offices in New York, U.S., on Tuesday, Feb. 21, 2012. Standard & Poor's Financial Services LLC, a division of McGraw-Hill Cos., supplies financial market data. Photographer: Scott Eells/Bloomberg via Getty Images

    Scott Eells / Bloomberg via Getty Images

    On a day when the Dow Jones stayed flat and the NASDAQ rose only 0.2 percent, the Standard & Poor’s 500 chalked up its highest close since June 2008, closing at about 1,365 points. The rise in the market comes amidst fears that the price of oil, which jumped this week in response to events around Iran’s nuclear program, may take the legs out from underneath an American economic recovery. Stocks were trading better than expected on the index after reports of improved home sales in the U.S.

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