Higher oil prices and bond yields sent the New York equities markets lower on Monday after a long holiday weekend. At midday, the Dow Jones Industrial Average had dropped 0.5 percent to 11,085.54. The Nasdaq Composite was down 0.35 percent to 2,317.93, while the S&P 500 had declined by 0.26 percent to 1,286.49. The declines came despite good quarterly reports from the financial services sector .
Citigroup said that its profits in the fourth quarter were up 4 percent to $5.64 billion, sending its shares 0.5 percent higher by mid-session to $48.29. Wachovia reported profits that were 7.4 percent higher in its first quarter but this did not stop its share price from declining by 24 cents to $55.61. Much higher quarterly earnings, to the tune of a 68 percent jump, also did not prevent shares in Charles Schwab from losing 31 cents to $17.28.
Also among those companies issuing quarterly reports, industrial goods maker Eaton added 2.2 percent to $76.25 on a strong showing.
Stock exchanges were mixed, with the NYSE Group, owner of the New York Stock Exchange, dropped 2 percent to $73.55 after last week’s disclosure that it is in talks with companies it is interested in acquiring. Nasdaq, however, added 3 percent to $43.52 after its purchase of nearly 15 percent of the London Stock Exchange last week.
Digital video recorder manufacturer TiVo was up 16 percent to $9.14.