Stocks Flat on Mixed News

Convention, vacations mean trading volume stays light
By Nick McMaster,  Newser Staff
Posted Aug 26, 2008 3:26 PM CDT
Traders work on the floor at the New York Stock Exchange in New York, Tuesday Aug. 26, 2008.    (AP Photo/Ed Ou)
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(Newser) – Stocks were mixed amid mostly poor economic data today, the Wall Street Journal reports. With trading light and much attention focused on the Democrats’ economic plans, the Dow gained 26.62 to close at 11,412.87. The Nasdaq fell 3.62, closing at 2,361.97, while the S&P 500 gained 4.67 points to settle at 1,271.51.

Hedged by rises in the dollar, crude prices rose $1.16 to $116.27 as Hurricane Gustav approaches drilling installations in the Gulf of Mexico. The Fed released minutes from its Aug. 5 meeting, which revealed lowered expectations for this year and the next. “They are very concerned about inflation,” one analyst said, “yet at the same time they speak very negatively about pressures on the economy.”