. <br />http://stockprogram.weebly.com <br />. <br /> <br />2008-05-23 16:20 ET Dow -145.99 Dow Close 12479.63 Nasdaq -19.91 Nasdaq Close 2444.67 S&P -18.42 S&P Close 1375.93 Nasdaq100 -0.3 SandP_Midcap400 -1.2 Russell2000 -1.2 NYAdv 850 NYDec 2243 NQAdv 872 NQDec 1944 <br /> <br />[BRIEFING.COM] The stock market closed 3.5% lower this week after losing 1.3% this session. Stocks declined in the face of persistently high oil prices and broad-based selling efforts ahead of the long weekend. Eight of the major economic sectors lost at least 1.0% this session. <br /> <br />Crude oil prices rebounded from yesterday’s drop and weighed on early morning sentiment. The commodity closed $1.31 higher on the New York Mercantile Exchange, finishing the session at $132.12 per barrel. Crude has not finished lower for two consecutive sessions since the beginning of May. <br /> <br />Investor pessimism persisted in the face of positive earnings announcements from retailers Gap (GPS 17.94, -0.35) and Aeropostale (ARO 32.67, -0.05). The pair announced after yesterday's close earnings results that surpassed the consensus earnings per share estimate. Meanwhile, department store Dillards (DDS 15.73, -0.63) reported this morning its first quarter net income slumped during the most recent quarter. <br /> <br />Brewers (+6.4%) performed exceptionally well in the face of the session’s broad-based selling. A report from FT Alphaville indicating Belgium beverage company InBev is interested in acquiring Anheuser-Busch (BUD 56.61, +4.03) helped give the group a lift. <br /> <br />Tech heavyweight Apple (AAPL 181.17, +4.12) helped the Nasdaq 100 (-0.3%) outperform the major indices on a relative basis. Apple had its price target elevated and was added to a buy list at a pair of Wall Street’s leading investment banks. <br /> <br />Separately, existing home sales for April declined 1.0% month-over-month to an annualized rate of 4.89 million units, according to the National Association of Realtors. Economists were expecting April sales to decline 1.6% from the prior month’s annualized sales rate. <br /> <br />The ...
