NEW YORK (AP) - The Nasdaq 100 dropped in midday trading Friday as crude oil
prices set an all-time high yet again, offsetting positive data showing new home
construction jumped in April.
The index, which includes 100 of the largest nonfinancial securities listed
on the Nasdaq Stock Market, fell 18.93 points to 2,012.37 by midday. The broader
Nasdaq composite fell 27 points to 2,506.73.
Light, sweet crude for June delivery jumped as high as $127.82 a barrel on
the New York Mercantile Exchange Friday. Crude recently traded up $2.54 at
$126.66.
Meanwhile, the government said construction of new homes rose 8.2 percent
last month, the largest monthly boost in more than two years.
Yet the oil news spooked investors, with shares of United Airlines parent
UAL Corp. among the biggest decliners.
UAL shares fell 63 cents, or 4.4 percent, to $13.75. The profitability of
airline operators is closely linked to jet-fuel costs.
Shares of Bed Bath & Beyond Inc. slipped $1.16, or 3.4 percent, to $33.43.
Shares of SanDisk Corp. slipped $1.21, or 3.7 percent, to $31.89.
On the gaining side, shares of Level 3 Communications Inc. gained 24 cents,
or 7.3 percent, to $3.52.
Shares of Stericycle Inc. jumped $3.29, or 6.3 percent, to $55.97.
Shares of Virgin Media Inc. rose 51 cents, or 3.5 percent, to $15.01.
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