The markets closed mixed with the Dow losing 24 points to 12,825 as crude oil prices surged to another record close and corporate earnings disappointed. Nasdaq added 5 points to 2408.
On the upside
Shares of Fording Candian Coal Trust (NYSE: FDG) climbed ahead of its earnings release after market close.
China's Ministry of Finance will provide monthly subsidies to refiner China Petroleum & Chemical (NYSE: SNP) and oil producer PetroChina (NYSE: PTR) to compensate the companies for losses incurred when processing imported crude oil.
On the downside
Colonial Bancgroup (NYSE: CNB) disappointed with lower first quarter earnings that fell short of estimates prompting the bank to cut its dividend while announcing plans to sell 25 million shares in order to raise capital.
Analysts cited a drop in client assets along with increasing expenses for lowering their earnings estimates and price targets for MF Global (NYSE: MF).
Lee Enterprises (NYSE: LEE) blamed a one time charge for swinging to a second quarter loss.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 4 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 3 points to 718.