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October 11, 2008 1:18:26 AM CDT

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Oil Drives Uneven Finish

Posted Jun 10, 08 3:47 PM CDT in Business 

(Newser) – The markets ended mixed after moving between gains and losses, as traders tracked gyrations in the price of oil—which finished down 2% from earlier highs of $137 a barrel, MarketWatch reports. The Dow gained 9.44 to end at 12,289.76. The Nasdaq lost 10.52 to settle at 2,448.94, and the S&P 500 lost 3.32, closing at 1,358.44.

Financial blue chips perked back up after yesterday’s wipeout—Citigroup, JP Morgan, AIG, MBIA, Wachovia and Washington Mutual all gained between 2% and 9%. Fed chief Ben Bernanke's apparent concern over inflation sent the dollar up but investors scurrying. "I think the markets are overreacting a bit to the actual level of risk that's out there," on analyst said. "The US economy is still pretty weak, with rising unemployment."

Sources: MarketWatch, Wall Street Journal, Bloomberg

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Federal Reserve Chairman Ben Bernanke delivers the Harvard Class Day Speech in Harvard Hard, in Cambridge, Mass. Wednesday, June. 4, 2008.   (AP Photo/Josh Reynolds)
Traders work on the floor before the start of trading at the New York Stock Exchange in this undated file photo.   (AP Photo/Seth Wenig)
In this Wednesday, April 23, 2008 file photo, oil pump jacks are seen at sunset in a corn field near Divernon, Ill.   (AP Photo/Seth Perlman, file)
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Dow Jones  • S&P 500  • Nasdaq  • oil price  • Ben Bernanke  • US dollar


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