US stocks mixed: Energy shares up, financials down

May 13th, 2009 - 6:18 am ICT by IANS  

New York, May 13 (DPA) US stocks were mixed Tuesday, led higher by energy and pharmaceutical shares but weighed down by the financial and carmaking sectors.
Crude oil hit $60 per barrel for the first time in six months Tuesday in New York trading, though it closed at $58.50, fuelling Chevron Corp and Exxon Mobil Co stock gains.

Financial shares fell as stock offerings by a number of US banks were expected to dilute earnings of existing shareholders. A government “stress test” review of the country’s top 19 banks found last week that 10 of them must raise more capital to survive the financial crisis.

General Motors Corp’s share price dropped 20 percent to $1.15, its lowest closing price since 1933, according to The Wall Street Journal. The selloff was fuelled by fresh fears that the one-time largest global carmaker is preparing for bankruptcy.

The blue-chip Dow Jones Industrial Average gained 50.34 points, or 0.6 percent, to 8,469.11. The broader Standard & Poor’s 500 Index slid 0.89 points, or 0.1 percent, to 908.35. The technology-heavy Nasdaq Composite Index lost 15.32 points, or 0.88 percent, to 1,715.92.

The US currency dropped against the euro to 73.31 euro cents from 73.67 euro cents Monday. The dollar slipped against the Japanese currency to 96.50 yen from 97.51 yen.

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