Rally Runs Out of Gas

Updated from 4:15 p.m. EDT

Stocks in New York held modest gains for most of the session Monday, but a gradual erosion of buying interest left the major averages slightly negative by the time the closing bell rang.

The Dow Jones Industrial Average ended down 3.01 points, or 0.02%, to 13,236.53, pressured by declines in components Exxon Mobil (XOM), Home Depot (HD) and American Express (AXP).

Earlier, the blue chip index rose nearly 100 points before losing momentum.

The S&P 500 was off 0.72 point, or 0.05%, at 1452.92. The Nasdaq Composite eased 2.65 points, or 0.1%, to 2542.24.

Continuing to hang over investors were worries about the state of liquidity in worldwide markets, even as policymakers made more moves to ease the fears. The European Central Bank put another $65 billion into its system, and the Bank of Japan contributed an additional $5 billion.

Global equity measures gained ground after the actions, but their sessions had long since wrapped up when the U.S. was still in the green. Tokyo's Nikkei climbed 0.2%, and Hong Kong's Hang Seng advanced 0.5%. London's FTSE surged 3%, and Frankfurt's DAX was up 1.8%.

Meanwhile, the Federal Reserve at home added $2 billion in liquidity by way of a one-day repurchase of Treasuries and other securities, but ultimately none of that was enough to ensure a positive finish.

Paul Nolte, director of investments with Hinsdale Associates, said because of the lingering liquidity concerns, the hunt for safe havens will continue.