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US stocks lower after a good week
Karachi News.Net
Friday 16th May, 2008
U.S. stocks closed mostly lower on Friday, with a slide in consumer confidence and surging crude oil prices fueling worries about the economy.
Some commodity stocks provided support to the broad market.
The Dow Jones Industrial Average declined 5.86 points to end at 12,986.8.
Oil giants Chevron and Exxon Mobil led the Dow's winners, with Chevron up 1.9% and Exxon up 1.5% to coincide with the advances in the oil price.
The S&P 500 gained 1.78 points to 1,425.35.
After four consecutive days of gains, the technology-heavy Nasdaq Composite dropped 4.88 points to 2,528.85.
U.S. consumer sentiment declined further in May, hitting a reading of 59.5; the weakest seen since June 1980.
The surge in crude prices bolstered gold's appeal as an inflation hedge, with the precious metal closing at $899.9, up $19.9, on the New York Mercantile Exchange.
Crude futures rallied to a close of $126.29 a barrel; up $2.17.
Prices also climbed at the pumps, with regular unleaded gasoline up to a new record average of $3.79.
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