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Wall street closing
Published in Saudi Press Agency on 03 - 09 - 2008

U.S. stocks finished mixed on Wednesday, with investors taking little comfort from figures showing a rise in manufactured product orders and instead waiting to see what Friday's employment report will stay about the still-struggling U.S. economy.
The U.S. Commerce Department reported that orders for manufactured products rose by 1.3 percent in July, much more than the 0.8 percent predicted by economists. But the news got a lukewarm reception from Wall Street, where it was regarded as old news, particularly compared with more recent slow August auto sales and a Federal Reserve report describing weak economic activity throughout the nation.
On inflation, the markets are feeling slightly more confident as commodity prices continue to drop. Oil briefly fell below $108 a barrel as the dollar strengthened and Hurricane Gustav appeared to leave oil installations in the Gulf of Mexico mostly undamaged.
According to preliminary calculations, the Dow Jones industrial average rose 15.96, or 0.14 percent, to 11,532.88, after a session that saw it rise as must as 37 points and fall by 100.
Broader stock indicators slipped. The Standard & Poor's 500 index fell 2.60, or 0.20 percent, to 1,274.98, and the Nasdaq composite index fell 15.51, or 0.66 percent, to 2,333.73.
The Russell 2000 index of smaller companies rose 3.40, or 0.46 percent, to 741.91.
The New York Stock Exchange composite fell by 27.72 to close at 8,269.25, while the American Stock Exchange composite fell 37.82 to 1,988.42.
The price of a barrel of light, sweet crude oil for October delivery fell 36 cents to $109.35.


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