Stocks Send Mixed Messages

Falling oil prices have lost their ability to spur gains in equities
By Nick McMaster,  Newser Staff
Posted Sep 3, 2008 3:36 PM CDT
Traders work on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Mark Lennihan)
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(Newser) – The markets saw mixed gains today as investors weighed falling oil, mildly positive manufacturing news and another big drop in domestic auto sales, the Wall Street Journal reports. The Dow closed up 15.96 at 11,532.88. The Nasdaq added 15.51 to close at 2,333.73, and the S&P 500 fell 2.59 to 1,274.98.

Falling oil prices have ceased to invigorate traders as the notion spreads that plummeting commodities are a symptom of flagging global demand. “There is a tremendous amount of uncertainty out there, and that uncertainty is breeding volatility,” one trader told MarketWatch. “There is weak demand for energy and commodities across the board, and everybody is trying to get out at the same time, and that is hurting equities.”