Stocks Finish Flat, Mixed

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The Lowdown

Stocks finished flat and mixed as fluctuating oil prices appeared to hold the bargain hunters in check after a two-day selloff had sent the major indexes reeling. The Dow Jones Industrial Average ended up 4 points at 11350. The Nasdaq lost 22 at 2293, and the S&P 500 picked up 2 at 1280.

Energy stocks performed well. Exxon Mobil (XOM), Chevron (CVX) and BP (BP) each climbed more than 1%. Materials and health care also advanced.

Energy prices continued to break new ground. Oil struck a new record at $143.67 a barrel, even as the dollar gained strength. However, futures pulled back in afternoon trading. Shortly before 3:25 p.m., crude traded up 33 cents on the day at $140.54 a barrel.

High energy costs are trickling down to consumers. The average price of a gallon of gasoline hit a record $4.09, according to AAA's Fuel Gauge Report.

Gas prices continued to weigh on consumers this month. The Index of Consumer Sentiment for June was revised down a bit. Last week, the May report on personal spending showed consumers returned to the stores after the federal economic stimulus checks were distributed.

Midwestern business received a vote of confidence after the Chicago Purchasing Managers' Index came in higher than consensus estimates. The June reading of 49.6 was an improvement over May, though it suggested a slight contraction.

In world markets, Japan's Nikkei fell 0.5%, while Hong Kong's Hang Seng picked up 0.3%. In Europe, the FTSE climbed 1.5%, but the DAX declined.

Last week, a two-day selloff left the markets in a deep hole. The Dow fell 465 points in two days, leaving the blue-chip index at its lowest point for the year.

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