Financials Drag Indexes Lower

123jump.com Staff
23 Jun, 2008
New York City

U.S. stocks traded in a tight range after financials led the decliners and energy complex stocks closed higher. Lehman Brothers, Goldman Sachs and Citigroup fell. National Oilwell rose on recommendation and Goodrich Petroleum rose after it raised its production target for the second quarter. MBIA and Ambac fell on the continued worries of the capital adequacy. Range Resources rose and XL Capital fell on brokers rating revisions.

[R]3:00PM New York – U.S. stocks trade in a tight range as crude oil advance and gold drops. Financials lead the decliners.[/R]

Dow Jones Industrial Average gained 8.06 or 0.07% to a close of 11 850.75, S&P 500 also gained 2.46 or 0.19% to a close of 1320.39.

Of the 30 stocks in Dow Jones Industrial Average 16 gained and 14 declined.

General Motors led the decliners in the Dow Jones Industrial Average with a loss of 3.77% followed by losses in American International Group of 2.31%, in Citigroup of 2.07%, in Bank of America of 2.01% and in JP Morgan of 2.01%.

Merck & Co led the gainers on the Dow Jones index with a rise of 1.37% followed by increases in Exxon Mobil Corp of 1.35%, in Intel Corp 1.12%, in Chevron Corp 0.92% and in Caterpillar 0.86%.

Of the stocks in S&P 500 index, 248 increased, 251 declined and 1 remained unchanged.

Huntington Banc led the decliners in the S&P 500 index with a loss of 12.44% followed by losses in MGIC Investment Corp of 7.17%, in Sovereign Bancorp of 7.16%, in Jabil Circuit of 6.42% and in X Capital of 6.10%

Apollo Group led the gainers in the S&P 500 index with a rise of 4.37% followed by increases in National Oilwell 4.32%, in Southwestern of 4.19%, in Range Resources of 4.04% and in Archer Daniels of 5.7%