Oil and profit warnings leave Dow lower

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Oil and profit warnings leave Dow lower By Jon Boone in New York
Published: June 21 2005 14:12 Last updated: June 21 2005 21:18

US stocks drifted mostly lower on Tuesday amid stubbornly high oil prices and a profit warning from a major steelmaker.


Crude oil futures hit yet another high of $59.70 for July delivery before ending down 47 cents at $58.90.

Adding to the gloom was a slide in the share price of Nucor following news that the steelmaker’s second-quarter earnings would come in towards the low end of its forecasts. The stock fell 4.3 per cent to $50.68.

At the final bell, the S&P 500 index slipped 0.2 per cent to 1,213.62 while the Dow Jones Industrial Average was slightly down at 10,599.67. Technology stocks performed a little better and the Nasdaq Composite ended the day 0.1 per cent higher at 2,091.07.

For Todd Salamone at Schaeffer’s Investment Research, it was a “lacklustre and boring” day. “I think the market is biding its time, waiting for fresh economic data and second-quarter earnings season next month,” he said. Trading volume was relatively light, with 1.3bn shares changing hands at the New York Stock Exchange. Sixteen stocks gained for every 15 that declined on the Nasdaq while 15 advanced for every 17 decliners on the NYSE……………………
 
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