US stocks close up
Wall Street wobbled through an indecisive session today, rallying late in the day and ekeing out a modest gain after the price of oil fell back from US$66 (€53.99) a barrel.
News of several large acquisitions carried some stocks higher.
Analysts said that with many traders on holiday and no economic news to guide the market, stocks were particularly vulnerable to concerns about soaring oil costs and the effect of rising interest rates on the economy.
“As the market goes higher with two major headwinds – oil and interest rates - you’re going to have some profit taking,” said Bill Strazzullo, chief market strategist at State Street Global Markets.
Crude oil futures inched up amid news that sabotage cut power to Iraq’s only functioning oil-export terminals early today, halting shipments there. A barrel of light crude settled at US$65.45 (€53.51), up 10 cents on the New York Mercantile Exchange.
Stock trading volume was light, which tends to exaggerate the swings in the major indexes.
The Dow Jones industrial average closed up 10.66, or 0.1 percent, at 10,569.89. The Dow climbed nearly 82 points in morning activity.
Broader stock indicators also ended slightly higher after giving up ground. The Standard & Poor’s 500 index gained 2.02, or 0.17%, to 1,221,73, while the Nasdaq composite index advanced 5.85, or 0.27%, to 2,141.41.
