Dow Drops 17 on Higher Oil Prices

[ConfuZed]

NEW YORK - Stocks ended an erratic session mixed Tuesday as investors weighed slightly higher oil prices against strong earnings from companies including Verizon Communications Inc. and Texas Instruments Inc.

The major indexes wavered throughout the day as investors tracked fluctuations in crude oil futures, which settled at $59.12 a barrel, up 20 cents, on the New York Mercantile Exchange. Rising oil prices, which could lead to lower consumer spending and declining corporate earnings, have shadowed stocks for months and distracted investors Tuesday from the current crop of upbeat earnings reports.

Wall Street also reacted strongly to any company news that strayed from expectations. Investors punished chemical maker DuPont Co. because its sales fell below forecasts, but bid up Lockheed Martin Corp., the nation's biggest defense contractor, whose forecast for the year was above expectations.

"The market's being very selective about who they reward and who they punish," said Tobias Levkovich, chief U.S. equity strategist at Citigroup. "If a company comes through and literally trounces the numbers, the stock gets a positive reaction. ... If it isn't perfect, they beat them up."

http://news.yahoo.com/s/ap/20050726/ap_on_bi_st_ma_re/wall_street;_ylt=AjjdJeCCFxi_Fh38RHtAMvOs0NUE;_ylu=X3oDMTA3bGI2aDNqBHNlYwM3NDk-

[cry baby]

1. yeah, while BP showed huge gains, above what was expected.

[enid602]

2. "The major indexes wavered throughout the day as . . ."

Shouldn't that be indices? Shame on Yahoo.

[Dogmudgeon]

3. It's actually a standard use

Vouched for by no less an (sic) authority than Strunk & White.

I myself prefer "indices" (or even "indicia" where I can get away with it), but "indexes" is fine.

--p!

[jwcomer]

4. What a silly headline

I'm rather amused by how market commentators feel they have to give a rational basis for noise. 17 points! That is so far below the noise level it is just stupefying that they would bother to associate it with anything that happened during the day. Noise is fundamentally without explanation.