Alexa

US stocks mixed as crude prices back off last week's surge; Lehman loss weighs on market

US stocks mixed as crude prices back off last week's surge; Lehman loss weighs on market

Wall Street traded mixed Monday as a pullback in oil prices encouraged investors to try to recover some of last week's losses.
Crude prices dipped below $136 a barrel in early trading after shooting above $139 last week. On Friday, soaring energy prices and a huge jump in the unemployment rate sent the Dow Jones industrial average plunging nearly 400 points.
But investors' oil worries are far from alleviated. With crude still near record levels, the big concern for the stock market is that consumers' energy bills will keep rising, and lead them to further pare back their spending on other items.
Also giving Wall Street pause was Lehman Brothers Holdings Inc., which said Monday it plans to raise $6 billion in new capital after posting an unexpectedly large quarterly loss of $2.8 billion. The loss was the first for the investment bank since it spun off from American Express Co. in 1994. Lehman shares fell $2.87, or 8.9 percent, to $29.42.
The Dow added 18.07, or 0.15 percent, to 12,227.88, after Friday's rout.
Broader stock indicators were mixed. The Standard & Poor's 500 index rose 1.14, or 0.08 percent, to 1,361.82, while the Nasdaq composite index fell 10.31, or 0.42 percent, to 2,464.25.
___
On the Net:
http://www.nyse.com
http://www.nasdaq.com