Dow and S&P dip on rate worry
(Reuters)Updated: 2007-01-29 10:19
Dragging on both the Nasdaq and the S&P 500 was Amgen Inc. , which posted a marginal increase in quarterly profit, but also reported disappointing clinical trial results for cancer drugs after Thursday's close. Its stock was down 4.5 percent, or $3.35, to close at $71.50 on Nasdaq.
Helping the Nasdaq, an upbeat earnings forecast from Microsoft Corp. pushed the software maker's stock up 0.5 percent, or 15 cents, to $30.60. The company reported quarterly profit fell after Thursday's close, but its results beat Wall Street's expectations and the company raised its full-year profit target.
Shares of Google Inc. , the Web search leader, contributed the most to the Nasdaq 100's gain. Google rose 1.6 percent, or $7.75, to close at $495.84.
Transportation stocks sank as a 2 percent rise in crude oil prices prompted worries that high energy costs would eat into airlines' and shippers' profits.
But a gain in energy stocks, including ConocoPhillips, helped offset some of the decline.
U.S. crude oil for March delivery rose $1.19 to settle at $55.42 a barrel, as a cold snap in the Northeast boosted demand for heating oil. ConocoPhillips shares ranked among the biggest positive influences on the S&P 500, rising 1.1 percent, or 71 cents, to $64.77.
The Dow Jones Transportation Average fell 0.9 percent, led by declines in shares of Continental Airlines, which fell 3.7 percent, or $1.56, to $40.79.
Trading was moderate on the New York Stock Exchange, where about 1.51 billion shares changed hands, below the 1.84 billion daily average for last year. On the Nasdaq, about 2.08 billion shares were traded, above the 2.02 billion daily average last year.
Advancing shares outnumbered declining shares by a ratio of about 9 to 7 on the NYSE and about 8 to 6 on the Nasdaq.
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