Stocks End Mixed on Fuel Supply Report

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Stocks finished mixed Wednesday, as a government report showed an improved supply outlook for oil and investors shifted their focus to company news.


The Dow Jones Industrial Average rose 27.56, or 0.3 percent, to 10,486.02. The Standard & Poor’s 500 Index added 2.68, or 0.2 percent, to 1,184.07. The Nasdaq Composite Index declined 0.18, or 0.01 percent, to 1,999.14.


Oil futures settled 19 cents lower to $55.85 on the New York Mercantile Exchange, following the government’s weekly fuel supply report, which showed a 2.4 million barrel increase in crude oil on hand. Gasoline inventories fell by 2.1 million barrels.


Among local movers, shares of IndyMac Bancorp Inc. gained 4.7 percent to close at $35.60 after the Pasadena-based holding company for IndyMac Bank said that it expects to post first-quarter earnings of at least 90 cents a share. Analysts had expected earnings of 89 cents a share. IndyMac’s mortgage volume jumped to $11.6 billion during the first quarter, a 68 percent rise versus the year-ago period.


Countrywide Financial Corp. rose 2.4 percent to $32.31. Bloomberg reported that the Calabasas-based mortgage lender planned to sell $500 million of two-year floating-rate notes.


And DaVita Inc. edged up 1 percent to $42.69 after it said JPMorgan Chase & Co. and Credit Suisse First Boston were arranging $2.95 billion in financing to help the El Segundo-based provider of kidney dialysis buy Gambro AB’s U.S. clinics. The loan will include a $250 million revolving credit, a $500 million term loan that will be sold to banks, and a $2.2 billion term loan that will be sold to investors.


On the down side, shares of WPT Enterprises Inc. sank 1.5 percent to $18.01 after the creator of the World Poker Tour television show named co-founder Steve Lipscomb chief executive, replacing Lyle Berman, who became executive chairman. Berman will remain president of the West Hollywood-based company that develops products based on gaming themes. The appointments were effective April 1.

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