Stocks Mostly Down as Oil Rally Resumes

Mixed data on consumer spending leave investors cautious
By Sam Gale Rosen,  Newser Staff
Posted May 13, 2008 3:35 PM CDT
A man stands near a fuel pumping station on Canal Street and West Street on Monday, May 12, 2008 in New York.   (AP Photo/Jin Lee)
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(Newser) – Stocks ended mostly down today as the price of oil resumed its steady rally. Crude has gained in seven of the eight last sessions, reports the Wall Street Journal. "It just keeps surprising us," said one floor trader. The Dow ended down 44.13 at 12,832.18, the Nasdaq up 6.63 at 2,495.12, and the S&P 500 down 0.54 at 1,403.04.

As oil flirted with $127, boosting energy stocks, investors digested mixed messages on consumer spending. New data from the Commerce Department suggest spending is stable, but many analysts are still deeply worried by oil's continuing rise. And Iran's official news agency has released a report saying the country will cut oil output next month.