MIAMI, May 12, 2004 (PRIMEZONE) -- A last minute rally helps stocks close in the green. The amount of selling that has hit the markets the last week or so couldn't hold down the bulls...the Dow was down 150 points during the day and by the end of the day closed with its head above water. Concern that high oil prices would dampen economic growth and stoke inflation weighed heavily on sentiment throughout much of the session.
DJIA: 10045.16 +25.69 NASDAQ: 1925.59 -5.76 S&P 500: 1097.26 +1.81
The Dow nosed ahead 25.69 points or 0.26% to 10045.16. The Nasdaq finished off 5.76 points or 0.3% to 1925.59. The broader S&P 500 was up 1.81 points or 0.17% to 1097.26. Volume at the NYSE amounted to 1.684 billion shares. At the Nasdaq, some 1.870 billion shares traded hands.
Twenty-four out of the Dow's 30 components ended higher. A notable exception was Altria, which fell 6.7 percent, on an unfavorable court ruling.
Noteworthy stocks include: Select Medical (NYSE:SEM) plummeted 19.19% to $11.20 after the Centers for Medicare and Medicaid announced a policy change that was viewed as adverse to the operator of long-term acute care centers. The company said the new rules would limit its admissions from host hospitals to 25% of its total admissions.
Cisco Systems (Nasdaq:CSCO) shares retreated 1.3% to $21.96 as investors appeared disappointed with the company's outlook and higher inventories. The networking giant beat estimates for sales and earnings as governments and businesses spent more on capital equipment.
Stockwire.com is an online financial destination where investors can go to research new investment ideas. We are focused on finding emerging growth companies that do not necessarily have widespread analyst coverage on Wall Street. The site also provides investors with full coverage of quotes, charts, and news for all publicly listed stocks in the U.S.
If you'd like a complete list of all of our profiled companies, visit: www.stockwire.com.