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Moody Monday
Major gauges struggle for direction as crude prices head back towards $58 a barrel.
November 14, 2005: 9:44 AM EST

NEW YORK (CNN/Money) - Stocks got off to a slow start Monday as investors eyed rising oil prices and earnings from retail giant Wal-Mart that met consensus analyst estimates.

The Dow Jones industrial average (up 45.94 to 10,686.04, Charts) and the Standard & Poor's 500 index (up 3.76 to 1,234.72, Charts) both straddled the breakeven point after the market open, while the Nasdaq composite (up 5.79 to 2,202.47, Charts) edged higher.

Retail giant Wal-Mart (Research) reported third-quarter earnings in line with Wall Street forecasts, despite softer-than-expected sales. The company also issued an outlook for the fourth quarter and full year that matched analysts' expectations.

Home improvement retailer Lowe's (Research) said a broad-based improvement in sales helped profit jump 26 percent jump, topping consensus estimates. The company also forecast full-year earnings above current estimates.

Crude prices rebounded from last week's sell off, which saw prices hit their lowest levels since July. U.S. light crude oil for December delivery gained 52 cents to $58.05 a barrel in electronic trading.

In corporate news, Georgia-Pacific (Research), which makes Brawny paper towels and Dixie Cups, said on Sunday it agreed to be bought by privately held Koch Industries for $13.2 billion, which pays a 39 percent premium to Georgia-Pacific shareholders.

Treasury prices were mixed, with the yield on the 10-year note at 4.56 percent, little changed from the previous session.

In currency trading, the dollar was slightly higher against the euro and the yen.

COMEX gold fell $1.10 to $468.30 an ounce.

In global trade, major Asian markets ended mixed, and European shares were mostly higher in early afternoon trading.  Top of page

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