Stocks slip at the end of a week of gains

NEW YORK - Investors pulled money out of stocks after a five-day rally left the market at its highest levels in nearly a year.

Stocks slipped in quiet trading yesterday after the string of gains and a drop in oil prices. Crude slid 3.7 percent, which hurt energy stocks like Exxon Mobil Corp. That overshadowed a rosier profit forecast from FedEx Corp. and a government report on improving sales at wholesalers.

Stocks still logged big gains for the week.

The forecast from FedEx is important because its delivery business is seen as an indicator of how healthy the economy is.

Separately, the Commerce Department reported sales at the wholesale level rose in July by the biggest amount in more than a year, even though inventories fell for a record 11th straight month.

The Dow Jones industrial average fell 22.07, or 0.2 percent, to 9,605.41. The index closed Thursday at its highest level since October. Because of the steep slide that began in the fall of 2007, stocks are still stuck at about the same level they were at eight years ago. On Sept. 10, 2001, the Dow ended at 9,605.51; yesterday's close was 9,605.41.

The Standard & Poor's 500 index fell 1.41, or 0.1 percent, to 1,042.73, and the Nasdaq composite index fell 3.12, or 0.2 percent, to 2,080.90.

Light, sweet crude fell $2.65 to settle at $69.29 a barrel on the New York Mercantile Exchange.

The slide in oil hurt some energy stocks. Exxon Mobil fell 67 cents, or 1 percent, to $69.98.

FedEx jumped $4.66, or 6.4 percent, to $77.32 after raising its forecast.

Electronics retailer Best Buy Co. fell $1.29, or 3.1 percent, to $39.76 after an Oppenheimer analyst lowered his rating on the stock, noting it had been trading near the top of its 52-week range.

The Russell 2000 index of smaller companies fell 1.31, or 0.2 percent, to 593.59.