Wall Street ended mixed Monday as oil prices retreated from a fresh record high and...
Wall Street ended mixed Monday as oil prices retreated from a fresh record high and the quarterly report from Lehman Brothers revived hope for the financial sector.
Crude oil prices hit a new record high of 139.89 U.S. dollars a barrel before retreating to settle below 135 dollars a barrel. Stock gained as traders followed the falling of the oil prices. Meanwhile, the Lehman's quarterly report offered more insights into its financial situation, helping to push the financial sector higher.
Stocks fell earlier after the New York Federal Reserve Bank's Empire State index indicated that manufacturing activity in New York State continued to weaken in June. The index fell to a negative 8.7 from a negative 3.7 in May.
General Electric, AT&T and Verison Communications retreated as analysts said a weakening economy may hurt their profits. But Sirius and XM jumped after U.S. Federal Communications Commission Chairman Kevin Martin recommended the approval of Sirius' purchase of XM after the companies agreed to certain conditions. Strong performance in technology shares helped Nasdaq to gain the most.
The Dow Jones fell 38.27 to 12,269.08. Broader indexes rose after trading lower. The Standard & Poor's 500 index edged up 0.11to 1,360.14, while the Nasdaq rose 20.28 to 2,474.78.
