U.S. Stocks Falter in Late Trading
A late look at stocks shows the Dow trading in a narrow 31-point range. Volume was light as well. Software, autos and gold were all under pressure. Homebuilders were trading up though on an increase in mortgage applications – which was boosted by the lowest mortgage rates in a year.
The big news on the Nasdaq was Yahoo!’s management reshuffling. Apparently the Street doesn’t think they went far enough. Yahoo! was down 2% – or 60 cents – to $26.84.
The Department of Energy reported a decline of 1.1 million barrels in oil inventory today. Oil was down 24 cents to $62.19. The Energy Information Administration says that $70 oil won't be coming any time soon.