Stocks Flat as Oil Surges

Case Schiller likely to throw this out of whack later
By Kevin Spak,  Newser Staff
Posted Dec 29, 2008 9:10 AM CST
Trader Christopher Forbes works on the floor of the New York Stock Exchange, Friday Dec. 19, 2008.    (AP Photo/Richard Drew)
camera-icon View 2 more images

(Newser) – Oil prices soared this morning, as Middle East tensions reached a fever pitch, but stocks barely budged, with the Dow rising a mere 1.83 points, while the Nasdaq and S&P moved up 0.44 and 5.18 respectively. Oil rose above $40 thanks to Israel’s dramatic attacks on Gaza, sending shares of Exxon Mobil up 1.5% premarket.

Rohm & Haas, meanwhile, plummeted 19% after Kuwait called off its joint venture with Dow Chemical. Fears that the collapse of the Kuwaiti deal might complicate the planned $15.3 billion acquisition of Dow Chemical sent its shares down 6.2%.