Stocks End Mostly Lower as Oil Prices Advance Most stocks fell Monday as a further rise in oil prices and continuing worries about the financial sector gave investors little reason to buy a day before a Federal Reserve meeting. With little in the way of economic data arriving, investors focused on the price of oil and the two-day meeting, which concludes Wednesday, of the Fed's interest rate committee. Most investors expect the central bank to keep its key short-term interest rate on hold. Denis Amato, chief investment officer at Ancora Advisors in Cleveland, questioned how the Fed would balance weakness in such areas as the financial sector with concerns about a weak dollar and inflation, which low interest rates can exacerbate.
"We think the Fed is sort of in a quandary here," he said. "If they raise rates, they run the risk of having some negative impact on the economy, and if they don't raise rates, they run the risk of negatively influencing the dollar." The Dow Jones industrial average slipped 0.33 of a point to 11,842.36. Broader stock indicators ended mixed after a day of back-and-forth trading. The Standard & Poor's 500 index edged up 0.07 of a point to 1,318, while the Nasdaq composite index fell 20.35 points, or 0.9%, to 2,385.74. The Russell 2,000 index of smaller companies fell 5.92 points, or 0.8%, to 719.81. Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange. Treasury bonds were mixed. The benchmark 10-year Treasury note was trading at a yield of 4.17% late in the day, unchanged from late Friday. The dollar rose against most other major currencies, while gold prices fell. [Read More] |
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Disappointment that Saudi Arabia was not boosting production by more than 200,000 barrels a day sent oil prices higher, fanning concerns about inflation. Crude futures rose $1.38 to settle at $136.74 a barrel on the New York Mercantile Exchange.