Dow, Nasdaq fall in midday trading |
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Fri, 23 Feb 2007 18:30
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NEW YORK (AP) - Stocks fell moderately Friday after climbing oil prices weighed on investors' already rickety sentiment, while Treasurys rallied amid concerns about a meltdown in the subprime mortgage market.The stock pullback followed several mixed sessions in which the tech-dominated Nasdaq composite index showed slight gains but blue chip stocks have pulled back in part amid inflation concerns. Oil settled at its highest level of the year Thursday, hurting stocks.Bonds rose, rebounding from weakness Thursday, as investors sought quality amid concerns that subprime loan makers would see big write-downs of loans after consumers were unable to keep up with payments. The yield on the benchmark 10-year Treasury note falling to 4.68 percent from 4.73 percent late Thursday. The dollar was mixed against other major currencies, while gold prices rose.Blue chip stocks pared some of their earlier losses but remained in negative territory following comments from Dallas Federal Reserve President Richard Fisher that weakness in housing might be keeping inflation in check. He also said inflation might be showing signs of easing, according to wire service reports. The comments appeared in line with those made by Fed President Ben Bernanke last week.Fisher's remarks follow a reading on consumer prices earlier in the week that showed inflation was higher than expected. And a pronounced increase in oil prices could also increase costs for businesses and consumers.In midday trading, the Dow Jones industrial average was down 33.81, or 0.27 percent, at 12,652.21.Broader stock indicators also fell. The Standard & Poor's 500 index was down 4.82, or 0.33 percent, at 1,451.56, and the Nasdaq was down 8.14, or 0.32 percent, at 2,516.80.Light, sweet crude rose 38 cents to $61.32 on the New York Mercantile Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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