August 21, 2008
Wall Street Opens Flat As Tech Shares Rise, Airlines Fall
Wall Street opens flat as tech shares rise, airlines fall
NEW YORK, Aug. 20 (Xinhua) -- Wall Street opened flat Wednesday, after better-than-expected earnings from Hewlett-Packard sent technology shares higher while oil rally weighed on airlines.
However, oil rallied to a two-week high and weighed on stocks. Light, sweet crude rose 1.78 U.S. dollars to 116.31 dollars per barrel on the New York Mercantile Exchange, before the weekly oil inventory figures coming soon. UAL, parent of United Airlines, and US Airways slipped in morning trading.
Meanwhile, investors also kept an eye on financials, after Goldman Sachs slashed earnings estimates for banks and brokerage firms.
The Dow Jones fell 6.76 to 11,341.79. Broader indexes inched up. The Standard & Poor's 500 index rose 0.75 to 1,267.44, and the Nasdaq rose 5.61 to 2,389.97.
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