Wall Street ended mixed today after investors largely shrugged off a jump in oil prices and focused instead on a bullish analyst call on...
NEW YORK — Wall Street ended mixed today after investors largely shrugged off a jump in oil prices and focused instead on a bullish analyst call on Lehman Brothers Holdings that eased worries about the financial sector.
The Dow Jones industrial average rose 12.78 to 11,430.21. The Dow had managed a moderate gain on Wednesday after heavy losses the first two days of the week.
Microsoft, one of the 30 Dow stocks, dropped 11 cents to $27.18 today. Boeing, another Dow stock, added 34 cents to $63.55.
Broader stock indicators ended mixed today. The Standard & Poor’s 500 index rose 3.18 to 1,277.72, and the Nasdaq composite index fell 8.70 to 2,380.38.
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Stocks ended off their lows of the session after a Ladenburg Thalmann analyst raised his rating on Lehman to “buy,” saying the nation’s fourth-biggest investment bank has become a “hostile takeover candidate.” That call helped ease concerns about Lehman as well as the financial sector, which has been hit by a spike in bad mortgage debt.
The partial recovery in financials as well as gains by energy producers themselves helped contain investors’ anxiety over a jump in oil of more than $5 a barrel. Prices rose as investors questioned whether rising tensions with Russia could disrupt energy shipments from the world’s second-largest oil producer. Often an uptick in oil will fan Wall Street’s fears of inflation.