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US Stocks Mixed As Oil Prices Rally

Posted on: Wednesday, 12 October 2005, 09:00 CDT

US stocks mixed as oil prices rally

NEW YORK, Oct. 12 (Xinhua) -- US stocks ended mixed Tuesday as oil prices raised the worries on inflation and economic slowdown.

Crude oil prices rose sharply Tuesday after the International Energy Agency made a smaller-than-expected downward revision to global energy demand growth. New York's main contract, light sweet crude for delivery in November, jumped 1.73 dollars to 63.53 dollars per barrel in closing trading. In London, the price of Brent North Sea crude for November delivery rose 1.30 dollars to close at 60.08 dollars per barrel.

In company news, Alcoa's profits, released after the close of trading Monday, were 2 percent higher than a year ago, despite surging energy costs and lower aluminum prices. Alcoa rose 19 cents to 22.85 dollars.

The New York Stock Exchange suspended trading in Delphi Corp. stocks and bonds Tuesday, three days after the auto parts maker declared bankruptcy, due to "abnormally low" trading levels of its stock.

The Dow Jones Industrial Average rose 14.41, or 0.14 percent, to 10,253.17. The Dow lost 276.36 points, or 2.62 percent, last week, and fell another 53 points Monday.

Broader stock indicators were slightly lower. The Standard & Poor's 500 index fell 2.46, or 0.21 percent, to 1,184.87, and the Nasdaq composite index fell 17.83, or 0.86 percent, to 2,061.09. Declining issues led advancers by 5 to 3 on the New York Stock Exchange, where volume was 1.64 billion shares, up from 1.61 billion at the same time Monday.

Source: Xinhua News Agency - CEIS

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