Wall Street ended a wobbly session today with mixed results as concerns about the financial sector eroded enthusiasm over a decline in oil...
NEW YORK — Wall Street ended a wobbly session today with mixed results as concerns about the financial sector eroded enthusiasm over a decline in oil prices and a report that signaled modest growth in the service economy.
The Dow Jones industrial average fell 12.37 to 12,390.48.
Microsoft, one of the 30 Dow stocks, gained 23 cents to close at $27.54 a share. Boeing, also a Dow stock, slipped 6 cents to $78.06.
The Standard & Poor’s 500 index fell 0.45 to 1,377.20, while the Nasdaq rose 22.66 to 2,503.14.
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The latest worries about financial companies flared after Moody’s Investors Service warned it might downgrade its ratings on bond insurers Ambac Assurance and MBIA.
That followed two days of sharp declines fueled by fears regarding more bank write-downs and concerns about Lehman Brothers’ liquidity.
Buoyed earlier by a decline in oil prices and a positive report on the service sector from the Institute for Supply Management, stocks moved from positive to negative throughout the session. Some investors looking to sidestep the troubled financial sector moved into technology stocks, giving the Nasdaq composite index the only advance for the major indexes.