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UK equities down on rising crude futures

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by Brian Turner
UK equities down on rising crude futures

US equities markets were down early on Tuesday due to crude oil prices that were rising again as another tropical storm approaches the Gulf of Mexico.

By the close, however, the markets were mixed, with the Dow Jones Industrial Average down but the S&P and Nasdaq indexes up.

The Dow Jones Industrial Average was down 0.6 percent to close at 10,513.89, the S&P 500 had gained 0.23 percent to 1,222.21, and the Nasdaq composite advanced 0.36 percent to 2,143.15.

PepsiCo gained 1.9 percent to $54.91 on the news that quarterly profits were up more than expected.

Biotechnology company Genentech gained 1 percent to $84.96, also on news of better-than-expected quarterly results.

Walt Disney gained 1.8 percent to $25.62 amid reports that it will sell its radio stations. Subscription radio service Sirius Satellite Radio lost 2 percent to $6.92 when UBS downgraded its investment rating.

Also in the entertainment sector, DreamWorks Animation SKG lost 0.3 percent to $23.19 after JP Morgan and Prudential Equity Group both downgraded the studio after it forecast losses yesterday.

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News posted: July 12, 2005

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