instead of expected modest gain.
HAVE MORE FUN WITH YOUR SHORTS ! They burn faster than gasoline
NEW YORK (AP) -- Wall Street traded mixed Wednesday, with investors trying to rebound from a big drop a day earlier but still concerned about oil prices that keep reaching new record highs.
Crude oil shot past $130 a barrel for the first time, briefly in pre-market trading and then again after the Energy Department reported a surprising decline in crude inventories last week following four straight weeks of gains. By mid-morning, oil traded at $129.87 a barrel on the New York Mercantile Exchange.
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High energy prices have been a source of anxiety for investors, as many retailers and credit card companies have noticed consumers paring back spending on discretionary items, including clothing and jewelry, to buy necessities such as gasoline and groceries, which have been soaring in price.
Wall Street was also hesitant as it awaited minutes from the Federal Reserve's April 29-30 meeting, which should provide more insight into whether policymakers regard rising energy prices as a serious threat. The Fed cut its benchmark federal funds rate by a quarter-percentage point to 2 percent at that meeting, marking the seventh cut in an easing cycle that started in September. Its accompanying economic statement left open the possibility of an end to rate cuts.
In midmorning trading, the Dow Jones industrial average slipped 34.93, or 0.27 percent, to 12,793.75, after rising in earlier trading. The Dow lost nearly 200 points on Tuesday amid concerns about rising oil prices and inflation.
Broader stock indicators were mixed Wednesday. The Standard & Poor's 500 index fell 0.28, or 0.02 percent, to 1,413.12, and the Nasdaq composite index rose 1.16, or 0.05 percent, to 2,493.42.
Bond prices edged lower early Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its yield, rose to 3.81 percent from 3.78 percent late Tuesday.
The dollar was mixed against other major currencies, while gold prices rose.
In corporate news, media conglomerate Time Warner Inc. and cable television arm Time Warner Cable Inc. said their boards approved the companies' legal separation. Time Warner Cable expected to pay a hefty $10.9 billion one-time dividend to shareholders. Time Warner shares rose 25 cents to $16.40.
Hewlett-Packard Co. reported late Tuesday that second-quarter profit rose 16 percent, saying strong growth abroad offset some weakness in the U.S. But with concerns remaining about the computer and printer maker's growth potential and its planned buyout of technology services provider Electronic Data Systems Corp, HP shares fell 77 cents to $45.69.
BJ's Wholesale Club Inc., the nation's third-largest warehouse club operator, posted higher first-quarter profit. The company said customers were attracted to discounts on both food and fuel. Its shares, however, slid 78 cents, or 2 percent, at $38.07.
General Motors Corp.'s string of labor problems could soon come to an end with a tentative agreement at a key assembly plant in Kansas City, Kan. GM reached the deal on a local contract with United Auto Workers Local 31 at the plant Tuesday evening, company spokesman Dan Flores said. GM rose 3 cents to $19.88.
The Russell 2000 index of smaller companies rose 3.04, or 0.41 percent, to 738.68.
Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to 283.1 million shares.
In overseas trade, Tokyo's Nikkei closed down 1.65 percent. In Europe, London's FTSE rose 0.19 percent, Frankfurt's DAX declined 0.99 percent and Paris' CAC 40 fell 0.46 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
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