Economic Worries Trip Market Monday Morning
NEW YORK (AP) — Stock prices are mostly lower on Wall Street at midday trading Monday.
The Dow Jones industrial average is down 54.15 at 12,253.20. Advancers on the New York Stock Exchange hold a 16-13 lead over losers.
The Nasdaq Composite Index has gained 9.57 at 2,464.07.
And the Standard-and Poor’s 500 Stock Index is down 2.84 at 1.357.19.
Trading on the New York Stock Exchange during the first two hours totaled 1.34 billion shares. Volume on the Nasdaq Market came to 669 million shares.
Concerns about the health of the economy have been renewed by the rise in crude oil futures to a record high earlier in the session and a report showing a slowdown in regional manufacturing activity.
In earnings news, Lehman Brothers posted a nearly $3 billion loss – the first time the nation’s fourth-largest investment bank has been in the red since going public in 1994. The report follows a tumultuous week in which Lehman was forced to raise $6 billion in fresh capital, and unexpectedly demoted two of its top executives.
