US stocks close mixed in thin trade
NEW YORK — US stocks drifted to a mixed close Friday in lackluster trade as the broad market scored a modest gain.
The Dow Jones Industrial Average slipped 1.74 points (0.01 percent) to finish at 12,982.95.
The broad-market S&P 500 gained 2.28 (0.17 percent) to 1,365.74, while the tech-rich Nasdaq Composite added 6.77 (0.23 percent) to 2,963.75.
“A lack of participation today has made for abysmal share volume,” Briefing.com analysts said.
A better-than-expected read on the University of Michigan’s consumer sentiment index and an accelerating pace in new-home sales was offset by worries about the impact of rising oil prices on the US and global economy.
“US consumer confidence perked up in the second half of February, reversing the first half’s slump that was likely caused by rising gasoline prices, which hit the wallets and the mindset more than the rally in equities and the improving economic environment,” said Jennifer Lee of BMO Capital markets.
Article continues after this advertisement“The sky looks a little more blue,” she added.
Article continues after this advertisementWorries about oil supply disruptions thanks to geopolitical tensions over Iran’s nuclear program sent New York’s benchmark West Texas Intermediate contract soaring almost $2 a barrel, topping $109 for the first time since last May.
Oil majors benefited. Chevron was up 0.7 percent, while ExxonMobil added 0.3 percent.
American International Group (AIG) added 1.6 percent. The government-rescued insurance giant reported robust fourth-quarter profit and said it bought back almost $2 billion in securities once held by the Federal Reserve.
Kenneth Cole, the ready-to-wear designer, offered to buy out the company he founded. Kenneth Cole Productions leaped 18.4 percent.
US banking giant Citigroup fell 1.1 percent after announcing the sale of its nearly 10 percent stake in India’s biggest mortgage lender for $1.9 billion.
El Paso Corporation rose 1.5 percent on reports that the Apollo Global management private equity firm was about to finalize a deal to pay $7 billion for its oil and gas exploration unit.
Bond prices were mixed. The yield on the 10-year Treasury held at 1.98 percent, while the 30-year slipped to 3.10 percent from 3.12 percent Thursday.
Bond prices and yields move in opposite directions.
