US stocks edge higher on energy share jump

August 22nd, 2008 - 11:14 am ICT by IANS  

Washington, Aug 22 (DPA) US stocks rose slightly Thursday on the back of energy company gains, as financial shares continued their steady fall on the week.Chevron Corp and Exxon Mobil Corp led the rise after crude oil prices for October delivery surged 4.9 percent to $121.23 per barrel in New York trading.

A Citigroup Inc forecast of further mortgage-related writedowns for banks weighed on financial stocks. Shares in lending giants Fannie Mae and Freddie Mac had plunged more than 50 percent in the first three days of the week amid ongoing concerns that they may require a government bailout, but recovered slightly Thursday.

The blue-chip Dow Jones Industrial Average edged up 12.78 points, or 0.1 percent, to 11,430.21. The broad-based Standard & Poor’s 500 Index rose 3.18 points, or 0.3 percent, to 1,277.72. The technology- heavy Nasdaq Composite Index was down 8.7 points, or 0.4 percent, to to 2,380.38.

The US currency fell to 67.11 euro cents from 68.82 euro cents Wednesday and to 108.49 Japanese yen from 109.82 yen.

Gold closed at $839 per fine ounce from $816.30 Wednesday.

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