May 23, 2013
Late rebound on oil drop shows bulls still kicking
Bruised but not bowed, bulls staged a rebound and helped stocks stabilize in a volatile session suggesting investors aren't ready to give up on the market's rally.
The Dow Jones industrial average fell 37.28 points, or 0.31 percent, to 12,068.50. The Standard & Poor's 500 Index slipped 1.30 points, or 0.10 percent, to 1,306.10. The Nasdaq Composite Index rose 14.91 points, or 0.55 percent, to 2,737.90.
European shares closed lower, on course for their biggest weekly fall in nearly eight months, as unrest in Libya crisis sent crude prices still higher, sparking worries about inflation and economic growth.
The FTSEurofirst 300 index of top shares fell 0.6 percent to 1,145.61 points, the lowest close since Jan. 31. The index is down 3.5 percent so far this week, though it is still up more than 77 percent from its lifetime low of March, 2009.
Japan's Nikkei average slipped to a three-week low, losing ground for a third straight day as violence in Libya prompted a spike in oil prices, setting the stage for a further correction in the near term.
The Nikkei ended the day down 1.2 percent at 10,452.71. The broader Topix lost 1.3 percent to 934.22.