Oil The Culprit Again | Adweek Oil The Culprit Again | Adweek
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Oil The Culprit Again

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Stocks were laid low by rising oil prices last week, with the Dow Jones industrial average losing 3 percent over five days of trading to close at 10,297.84. The Nasdaq was essentially flat at 2,053.27. While energy-dependent stocks such as airlines and manufacturing companies bore the brunt of concerns over the oil-price increase, the loss of momentum was felt across the board. Among the three major ad-agency holding companies, results were mixed for the week. IPG struck the only positive note among the three holding companies traded here. Following a positive report in a financial weekly, its shares were up 4.4 percent to $13.05 over five days, and the stock at one point hit $13.40. Omnicom was down 2.3 percent to finish at $78.72, while WPP, trading as American Depository Receipts on the Nasdaq, was flat, ending the week at $53.20.