Citi's Blahs Make Little Dent

Drop in oil prices help stocks finish slightly higher
By Nick McMaster,  Newser Staff
Posted Jun 19, 2008 3:38 PM CDT
In this photo released by China's Xinhua news agency, a Chinese customer, left, consults about Chinese Yuan service with an employee at a branch of Citibank in Shanghai, China, Monday, April 23, 2007....   (AP Photo/Xinhua, Liu Ying)
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(Newser) – Stocks posted moderate gains today as oil futures dropped below $135 per barrel on news of China's move to raise prices by trimming subsidies, MarketWatch reports. With traders little moved by warnings of further writedowns ahead for Citigroup, the Dow closed up 34.03, at 12,063.09. The Nasdaq gained 32.36, closing at 2,462.07, and the S&P 500 rose 5.02 to settle at 1,342.83.

"What you have today is a very mixed market; it's not sending any clear signals," one analyst said. "On balance, the news is positive. But, there is still an extremely high level of uncertainty about the key question: Will there be a recovery in the economy and earnings in the second half?"