Wall Street mixed in cautious trade

Wall Street mixed in cautious trade

	Published : Thu, 05 Apr 2007 15:16 By : Agencies Print this Story

NEW YORK (AP) - Wall Street was narrowly mixed Thursday, pausing after its recent gains and before Friday's release of key employment figures used to gauge the overall economy.

Investors traded cautiously since the stock market is closed on Friday for the Easter holiday. The pullback followed three straight days of gains.

There was little reaction to a Labor Department report that first-time claims for unemployment benefits rose to their highest weekly level since March 3. Instead, Wall Street remained focused on the government's March jobs report -- released on a day where there is no trading, which sets up Monday as a possibly critical day for stocks.

The Dow Jones industrial average fell 20.73, or 0.17 percent, to 12,509.32.

Broader stock indicators were mixed. The Standard & Poor's 500 index was down 1.37, or 0.10 percent, at 1,438.00, and the Nasdaq composite index rose 0.14, or 0.01 percent, to 2,458.83.

Bonds showed little movement, with the yield on the benchmark 10-year Treasury note unchanged at 4.65 percent from late Wednesday. The dollar was mixed against other major currencies, while gold prices rose.

Oil prices, which have risen during the past week because of tensions in the Middle East, advanced again. Investors are now focused on energy inventories and demand -- and sent a barrel of light sweet crude increased 14 cents to $64.52 in premarket trading on the New York Mercantile Exchange.

In corporate news, Micron Technology Inc. pressured technology stocks after the flash memory maker posted disappointing second-quarter results late Wednesday. The company swung to a loss as costs swelled and prices weakened. Shares fell 12 cents to $11.95.

Beer and wine maker Constellation Brands Inc. rose 63 cents, or 3 percent, to $21.45 after it reported fourth-quarter profit grew 26 percent. Strong wine sales helped the company offset a decline in imported beer, and competition in the British market.

Shareholders of Harrah's Entertainment Inc. are to vote in Las Vegas on a buyout proposal from Texas Pacific Group and Apollo Management. The firms want to take the casino operator private. The stock dipped 11 cents to $84.65.

The Russell 2000 index of smaller companies was down 0.11, or 0.01 percent, at 810.68.

Overseas, Japan's Nikkei stock average fell 0.30 percent. In afternoon trading, Britain's FTSE 100 was up 0.33 percent, Germany's DAX index rose 0.22 percent, and France's CAC-40 dropped 0.01 percent.