The week's final trading session ended mixed. The market initially pushed the major indices higher on the back of better than expected earnings from several retailers and a strong dollar, which led to another decline in crude oil prices.
The market chose to look past a batch of economic data that indicated manufacturing activity is holding up better than anticipated. Industrial production climbed 0.2% during July and the New York manufacturing index came in at better than expected 2.8.
Crude fell USD 1.24 to settle at USD 113.77 a barrel on the NYMEX.
The Dow advanced 43.97 points, or 0.38%, to 11,659.90. The S&P 500 index gained 5.26 points, or 0.41%, to 1,298.20, while the Nasdaq declined 1.15 points, or 0.05%, to 2,452.52.
Monday, August 18, 2008
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