Stocks Find Post-Holiday Buyers

Oil prices reversed course and gave up their gains. Driving the earlier increase was word that Iran, which is now facing U.N. sanctions, hinted that it might cut back on its oil exports if international pressure continues mounting against its nuclear program.

Still, February crude futures eased by $1.31, or 2.1%, to $61.10 a barrel. Most other energy contracts were weaker, as well. Precious metals advanced, with gold up $4.60 to $626.90 an ounce.

Treasuries were strengthening. The 10-year note was adding 5/32 in price to yield 4.60%, and the 30-year bond was increasing 14/32 to yield 4.73%. Shorter-term government debt was slightly higher.

New York stocks are coming off a week in which the Dow surrendered 102 points, or 0.8%, snapping a two-week winning streak. The S&P 500 was lower by 16 points, or 1.1%, and the Nasdaq relinquished 56 points, or 2.3%, over the five sessions.

On Friday, the Dow lost 78.03 points to 12,343.22, and the S&P 500 was off 7.54 points at 1410.76. The Nasdaq fell 14.67 points to 2401.18. This is the last trading week of the year.