Wall Street gave up early gains and closed mostly lower Friday after oil prices topped $75 a barrel for the first time. The Dow Jones industrial average crept higher on strong earnings from 3M Co., and stocks overall managed a gain for the week.
According to preliminary calculations, the Dow rose 4.56, or 0.04 percent, to 11,347.45. The Dow on Thursday had its best close since reaching 11,351.30 on Jan. 20, 2000. The S & P; 500 fell 0.18, or 0.01 percent, to 1,311.28, while the Nasdaq composite index fell 19.69, or 0.83 percent, to 2,342.86. An analyst's downgrade of Dell Inc. helped send technology stocks lower.
Jakks Pacific Inc. plunged 12 percent to $24.72 after saying first-quarter sales fell to $107.8 million, failing to meet analyst expectations. Ixia Inc. fell 7.8 percent, to $11.30, after reporting first-quarter net income of 7 cents a share on sales of $38.9
million, also failing to meet analyst expectations. UTI Worldwide Inc. lost 5 percent to $32.81 after being downgraded to "peerperform'' from "outperform'' by analyst
Edward Wolfe at Bear Stearns & Co.
Staar Surgical Co. which this week said it had settled a consolidated securities class action filed against it, rose 5 percent to $8.92. As oil prices topped $75 a barrel for the first time, Occidental Petroleum Corp. gained 4.6 percent to $107.01. Salem Communications Corp., which confirmed its first-quarter guidance for net broadcasting revenue to be between $49 million and $49.5 million, closed up 2 percent to $15.08.
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