Market Stands Ground While Oil Hits New High

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Wall Street showed some resilience Friday, with the major market indices essentially standing their ground even as oil prices settled at a new high and raised more concerns about inflation.


The Dow Jones Industrial Average rose 3.32, or 0.03 percent, to finish the week at 10,629.67. The Nasdaq Composite Index lost 8.63, or 0.4 percent, to close at 2,007.79, its worst finish since Nov. 3. The Standard & Poor’s 500 Index was down 0.56, or 0.1 percent, to settle at 1,189.65.


Crude-oil prices ended higher, wrapping up a week in which oil futures climbed 4.2 percent. Oil prices moved higher, with a barrel of light crude settling at a record $56.72, up 32 cents on the New York Mercantile Exchange.


Among local movers, two companies received new coverage of their stocks, sending their share prices higher.


Youbet.com Inc. gained 2.7 percent to close at $5.35 after the Woodland Hills-based online wagering company’s stock was rated a “buy” in coverage initiated by Sterne Agee & Leach. The price target is $7 per share. And East West Bancorp Inc. rose 0.9 percent to $38.47 after the San Marino-based bank holding company’s stock was rated a “buy” in coverage initiated by Smith Barney. The 12-month price target is $46.00 per share.


On the down side, shares of Impco Technologies Inc. sank 3.7 percent to close at $6.04 after the Cerritos-based internal combustion engine component company said it expects to delay the filing of its Form 10-K annual report until March 31 to address Section 404 Sarbanes-Oxley Act compliance issues. Additionally, Impco announced that Robert M. Stemmler, the former chief executive, was no longer with the company, effective immediately. Stemmler had served as the company’s full-time consultant to help with the management transition of Mariano Costamagna, who became chief executive on Jan. 1.


And First Consulting Group Inc. lost 2.5 percent to settle at $5.85 after the Long Beach-based health care consulting firm announced that it had named Thomas A. Watford as interim chief financial officer to replace Walter McBride. The company cited personal reasons, a justification often met with skepticism on Wall Street. Watford, whose appointment is effective immediately, has been with First Consulting for more than eight years in multiple management roles. McBride will remain with the company through mid-May to assist in transition activities.

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