Wall Street stocks ended mixed Wednesday as investors were encouraged by a drop in oil prices but worried about earnings from Time Warner Inc.

The Dow Jones industrial average climbed 13.85 points, or 0.13 percent, to 10,697.59 points. The Standard & Poor's 500 index rose 0.92 points, or 0.07 percent, to 1,245.04 points. The Nasdaq composite index fell 1.34 points, or 0.06 percent, to 2,216.81 points.

On Wednesday, investors cheered the drop in oil prices but concerned about the poor earnings results from Time Warner Inc. After the S&P 500 and Nasdaq composite index broke through their June 2001 levels, investors appeared willing to wait for more better news.

In company news, German sports apparel company Adidas-Salomon AG said it would buy American rival Reebok International Ltd. for 3.8 billion dollars. Reebok surged 13.19 dollars, or 30 percent, to 57.14 dollars, and Nike Inc. rose 1.09 dollars to 86.92 dollars.

Time Warner Inc. dropped 15 cents to 17.27 dollars after the media conglomerate said it would set aside 3 billion dollars to settle lawsuits filed by investors over the 2000 merger with American Online Inc.

China National Offshore Oil Company, Ltd. (Cnooc) fell 1.99 dollars to 71.50 dollars, Chevron Corp. rose 79 cents to 60.35 dollars, and Unocal Corp. added 37 cents to 64.90 dollars. Cnooc yesterday withdrew its takeover bid for Unocal Corp.

On the NYSE, declining stocks outnumbered advancers about 8 to 7, and the trading volume was 1.52 billion shares.

In late New York trading, the dollar fell to 111.06 yen from 111.38, shed to 1.2616 Swiss francs from 1.2761, and declined to 1. 2142 Canadian dollars from 1.2157 late Tuesday. The Euro rose to 1. 2332 dollars from 1.2199, and the British pound climbed to 1.7792 dollars from 1.7705 late Tuesday.

Source: Xinhua