Whoops! Big Rally Falls Flat

Stocks end mixed as oil sets a record
By Sam Gale Rosen,  Newser Staff
Posted May 19, 2008 3:34 PM CDT
Whoops! Big Rally Falls Flat
Oil set another record high today.   (Getty Images (by Event) Individuals)

Stocks ended mixed today, as an early rally slipped away and oil prices hit yet another record. "There are still a lot of reasons you wouldn't want to touch the market with a 10-foot pole right now," one trader told the Wall Street Journal. The Dow ended up 41.36 at 13,028.16, the Nasdaq down 12.76 at 2,516.09, and the S&P 500 up 1.28 at 1,426.63 .

Transportation stocks, which are highly sensitive to the price of oil, propelled the rally. "The market just won't be able to sustain a rally unless the financials begin to participate more," the trader said. Although the S&P ended up overall, its financial sector closed slightly down. (More stock market stories.)

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