Investors Hunt Defensive Stocks As Rally Stalls

By: Associated Press Email
By: Associated Press Email

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Tuesday, May 12, 2009

Investors are finding it hard to extend Wall Street's two-month rally.

Stocks are ending mixed but well off their lows Tuesday as early concerns about a barrage of stock offerings eased and as rising oil prices lifted energy stocks.

Investors have shifted into defensive corners of the market, driving up shares of drugmakers like Pfizer Inc. and drink maker Coca-Cola Inc., which tend to hold up better in economic downturns.

The Dow Jones industrial average is up 50 at 8,469. The S&P 500 index is down 1 at 908. The Nasdaq composite is down 15 at 1,716.

About three stocks fell for every two that rose on New York Stock Exchange, where volume came to a light 1.6 billion shares.

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