(MENAFN- AFP) Petroleum stocks were hammered in early trade Friday in a holiday-shortened session a day after OPEC decided not to cut production in response to lower crude prices.
About 30 minutes into trade, the Dow Jones Industrial Average stood at 17,874.06, up 46.31 points (0.26 percent).
The broad-based S&P 500 slipped 1.40 (0.07 percent) to 2,071.43, while the tech-rich Nasdaq Composite Index gained 11.97 (0.25 percent) at 4,799.29.
US oil prices dropped to a new four-year low after the Organization of the Petroleum Exporting Countries decided to maintain the status quo on output despite a 30 percent decline in oil prices.
Dow members ExxonMobil and Chevron lost 3.9 percent and 5.3 percent, respectively. Oil services titan Halliburton plummeted 9.7 percent, while independent producer Continental Resources tanked 16.0 percent.
Airline stocks gained on expectations that lower fuel costs would boost profits. American Airlines jumped 8.6 percent and Delta Air Lines rose 5.8 percent.
Leading retailers also were lifted as the kickoff of the annual holiday shopping season coincided with an OPEC decision that many analysts see as a boost to consumers' disposable income.
Dow member Wal-Mart Stores bolted 3.0 percent higher. Macy's gained 3.0 percent, Best Buy rose 1.1 percent and Gap advanced 2.2 percent.
Bond prices rose. The yield on the 10-year US Treasury dipped to 2.21 percent from 2.23 percent Wednesday, while the 30-year fell to 2.92 percent from 2.94 percent. Bond prices and yields move inversely.
US equity markets will close three hours early, at 1800 GMT, Friday, which is typically a light day of trade after markets were shuttered Thursday for the Thanksgiving holiday.
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