A Mixed Day on Wall Street

Financial-sector blues and oil prices battle tech gains
By Sam Gale Rosen,  Newser Staff
Posted Oct 17, 2007 3:52 PM CDT
Turkey's Prime Minister Recep Tayyip Erdogan, front left, his deputy Hayati Yazici, front right, his minister Kursad Tuzmen, rear left, and Zafer Caglayan raise their hands in the Parliament to vote on...   (Associated Press)
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(Newser) – A grim financial sector and ever-rising oil prices cancelled  an encouraging tech rally during a so-so day in the markets. Yahoo and Intel reported sunny profits, but news of oil clearing the $89 mark doused the rally. The Dow finished down 20.4 to 13,892.54, the S&P rose 2.71 to 1,541.24, and the Nasdaq was up 28.76 to 2,792.67.

Fears over Turkish military incursions into Iraq were responsible for the uptick in oil prices. And a big dip in IBM revenue helped to cancel out the cheerier news from other tech companies. "You can pile the list of possible suspects," one analyst said said. "We're concerned about the Turkish parliament move, the weaker dollar and the price of oil going up."