US Stocks Edge Up As Oil Price Fall
Posted on: Thursday, 10 November 2005, 09:00 CST
US stocks edge up as oil price fall
NEW YORK, Nov. 9 (Xinhua) -- US stocks edged up Wednesday as world oil prices fell.
New York's main contract, light sweet crude for delivery in December dropped 78 cents to 58.93 dollars a barrel, the lowest close since July 22, as US stockpiles of crude oil and gasoline showed an unexpected rise.
On company news, Federated, the owner of Macy's and Bloomingdale's, had the second-biggest gain in the S&P 500, climbing 4.94 dollars, or 7.7 percent, to 68.85 dollars. The company earned 36 cents a share, excluding some items, in the third quarter ended Oct. 29.
General Motors Corp. traded at a 13-year low after a research note form Deutsche Bank raised questions about what would happen to the auto maker if workers strike at its parts supplier, Delphi Corp. General Motors fell 1.23 dollars to 24.63 dollars.
Energy stocks as a group dropped 0.7 percent. Valero Energy Corp., the largest US refiner, slid 4.10 dollars to 99.55 dollars. Chevron Corp., the No. 2 US oil producer, lost 1.09 dollars to 56. 77 dollars.
At the closing trade, the blue-chip Dow Jones industrial average rose 6.49, or 0.06 percent, to 10,546.21.
Broader stock indicators also closed slightly higher. The Standard & Poor's 500 index rose 2.06, or 0.17 percent, to 1,220. 65, and the Nasdaq composite index rose 3.74, or 0.17 percent, to 2,175.81.
Advancing issues led decliners by nearly 8 to 7 on the New York Stock Exchange, where volume was 1.61 billion, up from 1.4 billion at the same time Tuesday.
Source: Xinhua News Agency - CEIS
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