Stocks Finish Mixed as Commodities Surge
NEW YORK ( TheStreet) -- Stocks finished on a mixed note Monday as investors weighed Federal Reserve Chairman Ben Bernanke's gloomy economic outlook against expectations for a speedy resolution of the tax cuts debate in Washington.
Dow Jones Industrial Average stuck to a tight trading range of a little more than 40 points for the session. After briefly turning positive late in the day, the blue-chip index closed 20 points lower, or 0.2%, at 11,362. The
S&P 500 slipped nearly 2 points to 1223, while the
Nasdaq Composite rose 4 points, or 0.1%, to 2595.
Meanwhile, commodities surged, with gold rising to a new record and silver vaulting to a 30-year high.Financial stocks were weak on Monday while the energy and basic material sectors were pockets of strength. Breadth was largely negative for the Dow with 20 of the index's 30 components losing ground. Bank of America (BAC) was the biggest blue-chip laggard, sliding nearly 2%.
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