U.S. blue chips slipped on Wednesday as bad weather in the Caribbean and the Gulf of Mexico pushed up the price of oil past the $60 mark. Companies sensitive to higher oil prices such as United Technologies Corp. and Caterpillar Inc. traded lower as crude gained by more than $1. Shares of Caterpillar fell 36 cents to $95.81, while United Technologies lost 45 cents to $51.19, both on the New York Stock Exchange, according to Reuters. The Dow Jones industrial average was down 21.93 points, or 0.21 percent, at 10,349.87. The Standard & Poor's 500 Index lost 1.97 points, or 0.16 percent, at 1,203.02. The technology-laced Nasdaq Composite Index rose 2.69 points, or 0.13 percent, at 2,081.44. Rising oil prices overshadowed an increase in the Institute of Supply Management's nonmanufacturing index to a stronger-than-expected 62.2 in June from 58.5 in May. The median forecast of analysts polled by Reuters called for a dip to 58.0. A number above 50 indicates growth in the sector that accounts for about 80 percent of the U.S. economy and includes such areas as restaurants, hotels and airlines. U.S. light crude futures rose as tropical storms in the Gulf of Mexico and the Caribbean stoked oil supply concerns. Crude climbed $1.01 to $60.60 a barrel. --More 1953 Local Time 1653 GMT
