New York, May 25: Investors, nervous as oil prices climbed near record highs above $41 a barrel, hesitated to load up on stocks on Monday, sending the blue-chip Dow average down while the Nasdaq and the S&P 500 edged higher. The Dow took a hit from a steep drop in shares of Altria Group Inc., which were the blue-chip average's biggest percentage loser, after a federal judge dealt tobacco companies a legal blow by refusing to limit billions in fines sought by the government. But shares of oil and gas companies rose, lifted by skyrocketing crude prices. The Standard & Poor's energy index climbed 1.52 percent.

The big worry on Wall Street is that escalating energy costs may hurt consumer spending, a main driver of the economy's recovery.
NYMEX crude oil and gasoline futures rallied close to near record highs amid worries that higher output planned by Saudi Arabia, the world's largest oil producer, will not be enough to meet rising global demand. The Dow Jones industrial average ended down 8.31 points, or 0.08 percent, at 9,958.43, while the broader S&P 500 Index inched up 1.85 points, or 0.17 percent, to 1,095.41, based on the latest figures. The Nasdaq Composite Index added 10.89 points, or 0.57 percent, to 1,922.98.
Light corporate earnings calendar and a lack of major economic readings gave markets little direction, traders said. Bureau Report