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Dow Jones Leads Mixed Session, As Oil Rises On Venezuela Problems

U.S. stocks indexes showed mixed action late Thursday morning as the Dow Jones industrial average led the upside. Eight stocks in the 30-component Dow posted gains of 1% or more.

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Chevron (CVX) and McDonald’s (MCD) pegged the biggest gains in the Dow, up 3% and 4% respectively.

The Dow advanced nearly 0.5%, while the S&P 500 crept 0.1% lower. The Nasdaq fell more than 0.6% and the small cap Russell 2000 lost 0.3%.

Volume rose on both major exchanges. The Nasdaq, the S&P 500 and the Russell 2000 were each trying for a fifth consecutive gain.

The S&P 500 is approaching old resistance at the 2800 area. The Nasdaq has already cleared old resistance at the 7500 level.

Light sweet crude oil popped 1.6% to 65.77 on news from Venezuela. Socialist Venezuela’s production problems are cutting oil supplies. Dwindling supplies mean higher prices, assuming demand either remains the same or grows.

Breakouts Thursday

Breakouts Thursday included cement provider CRH (CRH), auto equipment maker Gentex (GNTX), savings and loans Flagstar Bancorp (FBC) and Northwest Bancshares (NWBI), Dunkin’ Brands Group (DNKN) and security device maker ShotSpotter (SSTI).

Among IBD’s 197 industry groups, retail and oil stocks did well. Chip equipment makers and computer groups struggled.

(For updates on this story and other market coverage, check IBD’s stock market news today.)

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