Wall Street turned in a mixed performance Monday as investors watched the price of oil regain ground and decided to cash in some of their...
NEW YORK — Wall Street turned in a mixed performance Monday as investors watched the price of oil regain ground and decided to cash in some of their gains from the stock market’s big rally last week.
The Dow Jones industrial average fell 29.23 to 11,467.34 after moving in and out of positive territory.
Microsoft, one of the 30 Dow stocks, sank 22 cents to close at $25.64 a share. Boeing, also a Dow stock, added 10 cents to $68.24.
Broader indexes showed more modest declines. The Standard & Poor’s 500 index slipped 0.68 to 1,260.00; and the Nasdaq composite index dropped 3.25 to 2,279.53.
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While the stock market’s major benchmarks showed modest losses, the number of stocks advancing outpaced decliners by about 2 to 1 on the New York Mercantile Exchange, and by about 4 to 3 on the Nasdaq Stock Market.
The tame session unfolded as oil rose on concerns that the threat of new sanctions against Iran over its nuclear program may escalate tensions in the Middle East. Light, sweet crude rose $2.16 to settle at $131.04 a barrel on the New York Mercantile Exchange.
The rise in oil offset initial market enthusiasm after Bank of America posted results that beat expectations, raising hope the credit crisis might be easing for the nation’s biggest retail banks. The largest U.S. bank by assets reported that higher investment banking and record revenue helped drive earnings during the second quarter. Bank of America shares advanced $1.07 to $28.56.
With Bank of America’s results, four of the nation’s five biggest banks have now reported better-than-expected earnings, and that’s raising hopes that the financial sector is starting to recover from the year-old credit crisis.
Still, “with crude trading up near $130, and a big advance last week, some investors are taking chips off the table,” said Jim Herrick, manager of equity trading at Baird & Co. “We’re going to be in a tight trading range this week based on earnings and oil prices. I expect more of the same.”