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Stocks try to stand
Major gauges struggle a bit higher as upbeat earnings compete with higher oil and gold prices.
NEW YORK (CNNMoney.com) - Stocks struggled higher Monday morning, as upbeat earnings from Citigroup and others vied with concerns about rising oil and gold prices, and the ten-year note yield still topping 5 percent. The Dow Jones industrial average (down 6.40 to 11,131.25, Charts), the broader Standard & Poor's 500 (up 1.25 to 1,290.37, Charts) index and the Nasdaq composite (up 2.10 to 2,328.21, Charts) all added a few points in the early going.
All financial markets were closed Friday for the Good Friday holiday. Thursday's trade was mixed on light volume, as is typical ahead of a long weekend. Stocks have been caught in a tight range over the last week or two, as optimism about corporate earnings has competed with increased worries about inflation and higher interest rates. Such worries have been caused by rising oil and gold prices and the surge in longer-dated Treasuries. The same struggle was in place early Monday. Citigroup reported higher quarterly earnings and revenue that beat analysts' forecasts as strong investment banking and international business tempered weak U.S. consumer business. Shares of Citigroup (up $0.25 to $48.30, Research), a Dow component, gained 1 percent in the morning. Treasury prices rose, moving the 10-year note yield away from nearly 4-year highs hit late last week. Nonetheless, the 10-year yield remained above 5 percent and that was a concern for investors. The rise in bond prices Monday pushed the 10-year note yield to 5.03 percent from 5.05 percent late Thursday. Bond prices and yields move in opposite directions. U.S. light crude oil for May delivery rose 44 cents to $69.76 a barrel in electronic trading, briefly hitting $70 a barrel in the morning on increasing worries about Iran's nuclear capabilities. COMEX gold for June delivery rose $10.90 to $611 an ounce, a fresh 25-year high. _________________
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