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NEW YORK (AP) – Wall Street reversed early losses to close higher Tuesday, as investors monitored the movements of record high oil prices but still laid bets that the economy and companies are in recovery mode.

Crude oil climbed to a record near $123 a barrel on the New York Mercantile Exchange as traders, who have nearly doubled the price of oil over the past year, reacted to the weakening U.S. dollar, supply threats, and a note from Goldman Sachs & Co. predicting that oil could reach $200 a barrel. High oil prices threaten to crimp consumers’discretionary spending.

But oil price sticker-shock waned as investors looked past wider-than-expected quarterly losses at Swiss bank UBS, government-sponsored mortgage company Fannie Mae, and homebuilder D.R. Horton Inc.

The Dow Jones industrial average rose 51.29, or 0.40 percent, to 13,020.83. Broader stock indicators also rebounded. The Standard & Poor’s 500 index rose 10.77, or 0.77 percent, to 1,418.26.