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US stocks mixed as crude prices back off last week's surge, pending home sales rise

US stocks mixed as crude prices back off last week's surge, pending home sales rise

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.
Robust data on pending home sales and McDonald's sales also gave the Dow a lift Monday. The National Association of Realtors said pending sales of existing homes rose more than 6 percent to the highest level since October, while the world's largest hamburger chain said global sales at locations open at least a year rose 7.7 percent in May.
But investors' economic 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.
The Dow added 86.55, or 0.71 percent, to 12,296.36 after Friday's rout, which was the worst tumble on Wall Street in 15 months.
McDonald's, rising $2.47, or 4.4 percent, to $59.42, was the biggest gainer in the Dow.
Broader stock indicators were mixed. The Standard & Poor's 500 index rose 6.31, or 0.46 percent, to 1,366.99, while the Nasdaq composite index fell 9.43, or 0.38 percent, to 2,465.13.
Apple Inc. weighed on the technology-dominated Nasdaq, falling $4, or 2 percent, to $181.64, ahead of an expected introduction of the new iPhone at a conference Monday.
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 $3.01, or 9.3 percent, to $29.28.
Bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, was rose to 3.98 percent from 3.91 percent late Friday.
The dollar rose against other major currencies, while gold prices rose.
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