Oil Hits New High, Holds Back Stocks
Wall Street finished an uninspired session mixed on Monday as a new high in oil prices was partly offset by a better-than-expected reading of the nation's industrial activity and strong sales at Wal- Mart Stores.</br></br>The stock market remained resilient in the face of record intraday and closing prices for oil. A barrel of light crude reached an intraday high of $62.30 before closing at $61.57, up $1, on the New York Mercantile Exchange. The death of Saudi King Fahd was cited as creating uncertainty in the oil market.</br></br>The surge in oil prices was mitigated by upbeat July sales at Wal- Mart and a bullish reading of the Institute for Supply Management's manufacturing index -- showing that both the consumer and industrial sectors have adapted well to high energy costs. However, the strong growth in the economy raised concerns about the Federal Reserve and its policy of gradually raising the nation's benchmark rate.</br></br>The Dow Jones industrial average fell 17.76, or 0.2 percent, to 10,623.15. The Standard & Poor's 500-stock index rose 1.17, or 0.1 percent, to 1235.35, and the Nasdaq composite index gained 10.55, or 0.5 percent, to 2195.38.</br></br>Wal-Mart rose 18 cents, to $49.53, as the retailer reported a 4.4 percent increase in sales from stores open at least a year, another strong sign of consumer spending.