Following a lower open, U.S. stocks were trading erratically Monday, as has been the story for weeks, as the prospect of a global recession continued to loom.
The Dow Jones Industrial Average was lately trading around the flat line. Recently, the blue-chip average was down 11 points at 8368. The S&P 500 was lower by 8 points at 869, and the Nasdaq was losing 17 points at 1535.
As the new week began, financial firms, major players in the global crisis, were in focus. The Financial Times Web site reported that Goldman Sachs
Elsewhere on the merger front, CenturyTel
Also, as the Treasury's $700 billion Troubled Asset Relief Program to buy equity stakes in troubled banks got underway, several companies announced their participation in the initiative. Among them, KeyCorp
The Federal Reserve was also working to shore up short-term debt markets and get companies to lend to one another. The Fed said it will give companies a rate of 1.88% for three-month, high-grade commercial paper and buy asset-backed debt for 3.88%. Three-month dollar Libor, a measure of the rate banks charge one another for large loans, ticked down to 3.51% from 3.52% Friday. The overnight Libor rate was at 1.27%.