Falling Oil Prices Lift Markets Modestly Higher

Despite a drop in consumer spending, the markets closed modestly higher on a shortened trading day as crude oil prices fell.  The Dow gained 49 points to 8468 while Nasdaq added 3 points to 1525.

On the upside

Valley National Bancorp (NYSE: VLY) will replace FLIR Systems (Nasdaq: FLIR) on the S&P MidCap 400 after market close today while FLIR will replace National City (NYSE: NCC) on the S&P 500.

Although Micron Technology (NYSE: MU) widened first quarter losses, revenue topped estimates.

Bargain hunters snapped up shares of General Motors (NYSE: GM).

On the downside

CIT Group (NYSE: CIT) completed its debt exchange offer which replaced certain debt with more favorable debt instruments.

Shares of KV Pharmaceutical (NYSE: KV-A) continued falling after the company recalled one production lot of a painkiller and halted shipments of all tablet drugs yesterday.

Standard & Poor's downgraded General Growth Properties' (NYSE: GGP) credit rating.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE and by 10 to 9 on Nasdaq.  The Russell 2000 which tracks small cap stocks added 2 points to 470.