Stocks Turn Higher as Oil Drops
Stocks Turn Higher as Oil DropsStocks Turn Higher as Oil Drops
By A. Teymour Golsorkhi
Staff Reporter
10/18/2004 1:32 PM EDT
Updated from 12:39 p.m. EDT
Stocks turned higher at midday Monday as oil hit resistance around $55 a barrel and pulled back sharply.
The Dow Jones Industrial Average was recently up 22 points, or 0.2%, to 9955; the S&P 500 was up 6 points, or 0.5%, to 1114; and the Nasdaq rose 20 points, or 1%, to 1931. The 10-year Treasury note was down 6/32 to yield 4.08%, while the dollar was lower against the euro and yen.
"It's oil and earnings," said Larry Wachtel, senior market analyst at Wachovia Securities
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