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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

(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%.

Trader Christopher Forbes works on the floor of the New York Stock Exchange, Friday Dec. 19, 2008.
Trader Christopher Forbes works on the floor of the New York Stock Exchange, Friday Dec. 19, 2008.   (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange, Friday, Dec. 19, 2008.
Traders work on the floor of the New York Stock Exchange, Friday, Dec. 19, 2008.   (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange, Friday, Dec. 19, 2008.
Traders work on the floor of the New York Stock Exchange, Friday, Dec. 19, 2008.   (AP Photo/Richard Drew)
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