Sector Snap: Auto retailers jump as crude declines

Shares of auto retailers jumped Monday as oil prices continued their fall and the broader market rallied.

Light, sweet crude fell 63 cents to $114.57 a barrel on the New York Mercantile Exchange. Earlier in the session, oil traded as low as $112.72, its lowest level since early May. Crude prices are down more than $30 from their high of $147.27 on July 11.

High oil prices _ and the resulting jump in gasoline prices _ have been a major factor behind the recent slump in auto sales, particularly sales of trucks and sport utility vehicles. Nearly all auto retailers are showing double-digit percent declines in share prices since the start of the year.

Meanwhile, broader market indicators advanced Monday. The Dow Jones industrial average climbed more than 100 points, while other major indexes rose more than 1 percent.

Sonic Automotive Inc. posted the sharpest rally among auto retailers, gaining $1.30, or 11.3 percent, to $12.81. That stock is down more than 40 percent for the year.

CarMax Inc. added 81 cents, or 5.4 percent, to $15.71. AutoNation Inc. rose 38 cents, or 3.2 percent, to $12.25.

Penske Automotive Group Inc. added 68 cents, or 4.6 percent, to $15.42. Group 1 Automotive Inc. jumped 76 cents, or 3.4 percent, to $23.18.