Whoops! Big Rally Falls Flat

Stocks end mixed as oil sets a record
By Sam Gale Rosen,  Newser Staff
Posted May 19, 2008 3:34 PM CDT
Oil set another record high today.   (Getty Images (by Event) Individuals)
camera-icon View 1 more image

(Newser) – Stocks ended mixed today, as an early rally slipped away and oil prices hit yet another record. "There are still a lot of reasons you wouldn't want to touch the market with a 10-foot pole right now," one trader told the Wall Street Journal. The Dow ended up 41.36 at 13,028.16, the Nasdaq down 12.76 at 2,516.09, and the S&P 500 up 1.28 at 1,426.63 .

Transportation stocks, which are highly sensitive to the price of oil, propelled the rally. "The market just won't be able to sustain a rally unless the financials begin to participate more," the trader said. Although the S&P ended up overall, its financial sector closed slightly down.