Globe Telecom to bring iPhone 3G

NEW YORK (AP) - Wall Street gave up a big early advance as the price of oil rose Thursday, with stocks closing moderately higher but also demonstrating how anxious investors are about inflation and the overall health of the economy. Bond prices fell sharply and yields shot higher in response to an upbeat retail sales report.

Word late in the session that Yahoo Inc. called off talks of any deal with Microsoft Corp. gave investors one more reason to rein in the enthusiasm that drove the day's early rally.

Advancing oil prices, which have frequently sent stocks tumbling in recent weeks, stifled the optimistic mood that followed the Commerce Department's report that retail sales rose 1 percent in May. The gain marked the biggest improvement in six months and it offered some investors hope that the government's 57 million economic stimulus checks were indeed oiling the economy. A buyout bid for Anheuser-Busch Cos. also lifted stocks.