|
NEW YORK (CNNMoney.com) -
Stocks were mixed early Monday, as investors welcomed General Motors' restructuring plan but cast a wary eye on rising oil prices.
The Dow Jones industrial average (up 0.20 to 10,766.53, Charts), the S&P 500 (down 0.27 to 1,248.00, Charts) index and the Nasdaq composite (down 1.68 to 2,225.39, Charts) all clung to a tight range in the early going.
GM (up $0.82 to $24.87, Research), the troubled automaker, said it was closing 3 plants and six other facilities by 2008 as a means of saving billions of dollars per year. The closings will result in 30,000 job cuts. The company forecasts it will save $7 billion a year by the end of 2006.
GM shares opened up more than two percent, but gave back most of those gains pretty quickly. GM shares have gotten pounded over the last few weeks amid bankruptcy speculation.
Among other movers, Campbell Soup (unchanged at $29.70, Research) gained after reporting higher-quarterly earnings that topped estimates, thanks to a tax settlement and higher prices on soups and other products.
U.S. light crude oil for January delivery rose 54 cents to $57.75 a barrel in electronic trading.
Treasury prices rose, lowering the yield on the 10-year note to about 4.48 percent from 4.49 percent late Friday. Treasury prices and yields move in opposite directions.
The dollar fell versus the euro and yen.
COMEX gold gained $3.90 to $490.10 an ounce.
In global trade, major Asian markets ended higher and European shares were mostly higher at midday.
|
