U.S. energy shares posted strong increases Monday
on an otherwise quiet trading day that left most Wall Street stocks
mixed.
Investors reacted little as U.S. President Barack Obama presented
his annual budget proposals to Congress, promising spending cuts as
the federal deficit was projected to reach a record $1.65 trillion
this year.
Energy companies saw their shares rise amid a jump of more than 2
percent in the price of Brent crude oil in Europe.
The blue-chip Dow Jones Industrial Average edged down 5.07 points,
or 0.04 per cent, to 12,268.19. But the broader Standard and Poor's
500 Index rose 3.17 points, or 0.24 per cent, to 1,332.32. The
technology-heavy Nasdaq Composite Index climbed 7.74 points, or 0.28
per cent, to 2,817.18.
The U.S. currency rose against the euro to 74.14 euro cents from
73.81 euro cents on Friday. The dollar fell slightly against the
Japanese currency to 83.31 yen from 83.44 yen the previous day.
