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August 29, 2008 8:57:33 PM CDT

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Stocks Mixed as Oil Pulls Back

Posted Jun 16, 08 3:22 PM CDT in Business 

(Newser) – Stocks ended mixed today as oil prices pulled back after hitting a high of nearly $140 a barrel. Investors are still concerned about economic instability, but many have already abandoned financials, reports the Wall Street Journal. The Dow ended down 38.27 at 12,269.08, the Nasdaq up 20.28 at 2,474.78, and the S&P 500 barely changed, rising 0.11 to 1,360.14 .

Many are also looking to tech stocks, hoping they will remain shielded from the worst of the uncertainty. "We're still in the middle of a global margin call," said one investment strategist. "People are selling the things they can in order to cover the stuff they can't sell."

Sources Wall Street Journal, Bloomberg, Financial Times (UK), CNNMoney

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Traders work at the New York Stock Exchange.   (AP Photo/Jin Lee)
Oil traders react during trading on the floor of the New York Mercantile Exchange, Monday June 16, 2008.   (AP Photo)
An oil trader pass notes while talking on a phone, during trading on the floor of the New York Mercantile Exchange, Monday June 16, 2008.   (AP Photo)
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