Friday, October 29, 2004

NEW YORK (AP) — Wall Street ended an otherwise strong week with a mixed finish yesterday.

The Dow Jones Industrial Average rose 22.93, or 0.23 percent, to 10,027.47 — its fourth straight gain and the Dow’s first four-day gain since mid-August.

Broader stock indicators were narrowly mixed. The Standard & Poor’s 500 Index was up 2.76, or 0.24 percent, at 1,130.20, and the Nasdaq Composite Index lost 0.75, or 0.04 percent, to 1,974.99.

A sharp drop in oil prices this week helped stocks regain much of the ground lost earlier in the month, with the Dow posting back-to-back triple-digit gains on Tuesday and Wednesday, the first time since May 2003 that the blue chips accomplished such a feat. For the week, the Dow rose 2.76 percent, the Nasdaq climbed 3.13 percent and the S&P 500 added 3.14 percent.

Stocks finished the month surprisingly strong. As crude oil futures rose throughout October, stocks fell precipitously, setting new year-to-date lows on the Dow. Only this week’s gains salvaged the month’s trading — for the month, the S&P 500 added 1.4 percent and the Nasdaq surged 4.12 percent, while the Dow lost 0.52 percent.

Rising oil prices helped ChevronTexaco Corp. to a 60 percent rise in third-quarter profits.

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