Business News

Jul 6, 2009, 22:12 GMT

Banks, consumer shares drive Wall Street higher as energy drops

New York - Most US stocks climbed Monday, led by banking and consumer shares, but technology and commodity shares fell on a mixed trading day. Shares of consumer staples rose after the private Institute for Supply Management's index of non-manufacturing businesses climbed to 47 in June from 44 in May. Any level below 50 still indicates a contraction. Some financial services gained after ratings agency Moody's Investors Service said it might upgrade South American giant Brazil's government credit rating. Energy stocks fell as the price of crude oil dropped 4 per cent to a five-week low of 64.05 dollars per barrel. The blue-chip Dow Jones Industrial Average rose 44.13 points, or 0.53 per cent, to 8,324.87. The broader Standard & Poor's 500 Index was up 2.3 points, or 0.26 per cent, to 898.72. The technology-heavy Nasdaq Composite Index fell 9.12 points, or 0.51 per cent, to 1,787.4. The US currency edged up against the euro to 71.53 euro cents from 71.43 euro cents on Thursday. The dollar fell against the Japanese currency to 95.32 yen from 95.91 yen on Thursday.

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