Thursday, May 17, 2007

Stocks Take a Thursday Break

Stocks traded in very narrow ranges on Thursday as all major indices turned slightly negative. While volume was still on the high end, there was more than enough selling to offset any optimistic buying.

Dow 13,476.72 -10.81; NASDAQ 2,539.38 -8.04; S&P 500 1,512.75 -1.39; NYSE Composite 9,818.98 -6.45

Losers led the way over winners by a 5-3 margin, while new highs outpaced new lows, 312-151.

Oil was the enemy of all economies again, leaping $2.31 to $64.86, the highest price in weeks. The metals continued their declines, with gold down $4.30 to $657.20, while silver dropped 5 cents to $12.88.

Friday could turn either way, as profit-taking seems to be in vogue, though the lack of economic news may prove a catalyst in itself.

It was really one of the duller days of the past few months. Friday offers options expiration, but that all seems played out already.

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