Nasdaq up 1.6 percent at midday
by Elaine Frei
With a ceasefire between Israel and Hizbollah taking effect and crude oil prices heading downward in response, New York equities markets saw gains at midday on Monday. The Dow Jones Industrial Average was up by 1 percent to 11,195.76, while the Nasdaq Composite had added 1.6 percent to 2,091.26 and the S&P 500 gained 0.9 percent to 1,278.00 by the middle of the day’s session.
The decline in oil prices was not such good news for the oil sector, however. ConocoPhillips was 2.3 percent lower to $66.84, while Hess dropped 2.5 percent to $50.64 and Valero Energy declined by 2.9 percent to $62.87.
Lower prices on oil were good news for airlines, though. AMR, the parent company of American Airways, was 4.6 percent higher to $19.70, while JetBlue Airways added 4.5 percent to $10.27.
Among automobile manufacturers, Ford Motor was up 4.6 percent to $7.71 on an upgrade from “underperform” to “outperform” from Bear Stearns. Monday’s gains brought Ford’s advance in the past three weeks to 25 percent.
The retail sector also saw gains. Nordstrom was 3.3 percent higher to $35.45 ahead of its quarterly earnings report on Thursday. Dillard’s added 5 percent to $32.89 after the department store reported that it had a $15.7 million profit in the second quarter this year after having recorded a loss during the same quarter in 2005.
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