© 2024 Blaze Media LLC. All rights reserved.
Market Recap: Stocks Closed Mixed, Oil Hover Above $95

Market Recap: Stocks Closed Mixed, Oil Hover Above $95

Markets were mixed today:

▼ Dow: -0.17 percent

▲ Nasdaq: +0.13 percent

▼ S&P: -0.08 percent

Precious metals:

▲ Gold: up +0.17 percent to $1,666.95 an ounce

▲ Silver: up +0.64 percent to settle at $30.84


▲ Oil: +0.51 percent

Markets were mixed because:

Mixed economic data kept the stock market hovering near break-even Tuesday. One report on home prices looked encouraging, and another on consumer confidence was worrisome.

House prices increased in all major U.S. cities in June, according to the closely watched Standard & Poor's/Case-Shiller home-price index.

The Dow Jones industrial average dropped 21.68 points to close at 13,102.99. Hewlett-Packard led the Dow down. HP's stock lost 31 cents to $16.90 and hit a new one-year low.

Crude oil crept above $96 a barrel as Hurricane Isaac picked up speed in the Gulf of Mexico, where roughly one-quarter of the country's oil is produced. Much of the region's production and refining activity has shut down. The National Hurricane Center forecast that Isaac would reach the coast of southeastern Louisiana late Tuesday.

In other trading, the Standard & Poor's 500 index slipped 1.14 points to 1,409.30, and the Nasdaq composite index gained 3.95 points to 3,077.14.

Trading was light again, typical for August vacation season. Over the past three days, fewer than 7.7 billion shares have been traded, the lowest three-day stretch since December 2011.

The indexes dipped in morning trading after the Conference Board said its consumer confidence index fell to its lowest point since November 2011. Economists had expected a much higher reading. The index was 60.6, down from 65.4 in July.

That unexpected drop bolsters the case for the Federal Reserve to take more steps to spur economic growth, said Chris Rupkey, chief financial economist at the Bank of Tokyo-Mitsubishi in New York, in a note to clients.

For economists and investors, the big event this week is Chairman Ben Bernanke's speech at an annual conference in Jackson Hole, Wyo. Traders will sift through his speech Friday for evidence the Fed is readying more support.

Worries over Europe resurfaced following news that one of Spain's largest regions, Catalonia, said it will ask the central government for $6.3 billion in rescue aid. Catalonia would be the third Spanish region to ask for help.

Borrowing costs for Spain and Italy jumped, and major stock indexes in Europe closed lower. Germany's DAX dropped 0.6 percent, while France's CAC 40 fell 0.9 percent.

The Associated Press contributed to this report.

Want to leave a tip?

We answer to you. Help keep our content free of advertisers and big tech censorship by leaving a tip today.
Want to join the conversation?
Already a subscriber?