Market Watch.com Stocks hurt by higher oil, rate worries
by ShepWave.com
Posted: 12/6/2005 00:03 EST
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NEW YORK (MarketWatch) -- U.S. stocks ended lower Monday, hurt by a rise in oil prices, a jump in long-term interest rates and weaker-than-expected data, but shares of Guidant Corp surged on a surprise $25 billion takeover offer from Boston Scientific.
The Dow Jones Industrial Average ($INDU:
The Nasdaq Composite Index ($COMPQ:
"The back-up in crude-oil prices is the only reason I see behind the pullback," said Paul Nolte, director of investments at Hinsdale Associates. "Other than that, we've had a terrific run in the market over the last four to five weeks, so we may be seeing just a little bit of profit taking in what will be a very slow week for economic data." Within the Dow industrials, General Motors Corp. (GM:
Elsewhere on the Dow, Wal-Mart Stores Inc. (WMT:
For those investors worried about inflation, there was some good news out of the Institute for Supply Management. Although its services index showed a slightly faster-than-expected slowdown in the U.S. services sector in November, the prices-paid index, a component of the report, dropped to 74% from 78%. Nevertheless, "there is still significant concern about the relatively high level of energy prices and its impact on freight costs and on the prices of other materials and services," ISM said. See full story. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA. |
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