Oil, Acquisitions Lightly Boost Stocks

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NATIONAL

Stocks finished a quiet session little changed Monday as investors’ anticipation of the Federal Reserve’s decision on interest rates muted their reaction to lower oil prices and a trio of acquisitions.


According to preliminary calculations, the Dow Jones industrial average rose 6.80, or 0.06 percent, to 11,584.54, its highest close in more than six years. The Dow is 138 points from its all-time high of 11,722.98, reached on Jan. 14, 2000. Broader stock indicators stood near their highs from February 2001. The Standard & Poor’s 500 index fell 1.10, or 0.08 percent, to 1,324.66, and the Nasdaq composite index gained 2.42, or 0.1 percent, to 2,344.99.






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LOCAL


Hi-Shear Technology Corp. fell 16 percent to $9.09. Iris International Inc. was down 7.8 percent to $11. Diodes Inc. fell 7 percent to $36.40. Ryland Group Inc., which was downgraded to “neutral” from “overweight” by analyst Michael Rehaut at JPMorgan, was down 2.6 percent $65.64. Salem Communications Corp., which reported earnings Monday, fell 1.25 percent to $15.07. Walt Disney Co., which was ranked as the top media stock over the next 12 montha by Credit Suisse analyst William Drewry, ended the day down 1 percent to $28.77.


Health Net Inc., which reported earnings Monday, rose 6.5 percent ot $40.64. EMAK Worldwide Inc. rose 6 percent to $7.32. IMPCO Technology Inc. rose 5.4 percent to $8.54. DaVita Inc., which raised to “buy” from “hold” by analyst Ivan Feinseth at Matrix USA. rose 0.47 percent to $53.58.

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