Dow Jones Nears 14,000 Mark
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American stocks fell as a drop in oil prices sent drillers’ shares lower after the Dow Jones Industrial Average flirted with 14,000 for the first time.
Exxon Mobil Corp., the world’s largest oil company, and Chevron Corp., the second-biggest American crude producer, declined. Johnson & Johnson dropped 1.7% and helped pare the Dow’s gain after reducing its sales forecast. About six stocks slid for every five that gained. Energy companies were the biggest drag on the Standard & Poor’s 500 Index after speculation American gasoline supplies will rise sent oil prices down from the highest in 11 months. The Dow climbed as high as 14,021.95 and closed at a record for a fourth day, 13,971.55, helped by a brokerage upgrade of American Express Co.
“The market may be a little bit ahead of itself,” the vice president of Keeley Asset Management, Mark Keeley, said. “It’s gotten more difficult to find what we term to be truly undervalued situations.”
