Friday, April 8, 2011

Wall Street Slips On Inflation Worries, Sprint Nextel (NYSE: S) Rallies

US stocks closed lower on Friday as a spike in oil prices reignited worries that inflation would derail the recovery.

The Dow Jones Industrial Average fell 29.44 points, or 0.24%, to finish at 12,380.05. The S&P 500 dropped 5.34 points, or 0.56%, to close at 1,328.17. The Nasdaq Composite slipped 15.72 points, or 0.56%, to 2,780.42.

The Securities and Exchange Commission said Thursday that in the event of a shutdown, the SEC will function with "an extremely limited number of staff," and only basic investor services will be available.

Crude oil for May delivery rose $2.49, or 2.3%, to $112.79 a barrel on the New York Mercantile Exchange, the highest settlement since Sept. 22, 2008.

Shares of Sprint Nextel Corp (NYSE: S) rallied 11 cents, or 2.38%, to $4.73.

On the economic front, the Commerce Department reported that wholesale inventories rose 1% in February, matching economists' expectations.

European stocks closed up. The UK FTSE rose 48.38 points, or 0.81% to 6,055.75. The German DAX and French CAC increased 0.53% and 0.83% respectively.

Asian stocks finished higher. The Nikkei 225 climbed 177.15 points, or 0.07%, to 9,590.93. The Hang Seng index of Hong Kong rose 114.27 points, or 0.47%, to 24,396.07.

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