It was a mixed close for the markets despite mild economic expansion as oil prices rose again to settle at a record $127.05 per barrel. The Dow rose 41 points to 13,028 while Nasdaq dropped 13 points to 2516.
On the upside
Shares of construction materials supplier Vulcan Materials (NYSE: VMC) soared after economic data indicated that while the economy was weak, it was not in a recession.
Nasdaq notified Syntroleum (Nasdaq: SYNM) that the company has regained compliance with the Nasdaq Stock Market.
Shares of Beazer Homes (NYSE: BZH) continued to fall after the homebuilder reported wider second quarter losses last week.
On the downside
The proposed merger between Pinnacle Gas Resources (Nasdaq: PINN) and Quest (Nasdaq: QRCP) has been terminated.
Although Lehman Brothers increased its price target for Elan (Nasdaq: ELN) to $19 from $16, the stock price dropped.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 738.