Stocks Swing Up to Neutral

Updated from 9:49 a.m. EDT

Stocks in New York were rising off a weak open to edge along the flat line Monday as crude-oil prices pulled back from an earlier uptick.

The Dow Jones Industrial Average was down 41 points at 11,695, and the S&P 500 was down half a point at 1296. The Nasdaq was gaining 6.5 points to 2420.

On Friday, U.S. stocks soared as oil continued its recent downtrend, falling 4% and settling at $115.20 a barrel. The Dow surged 302.89 points, or 2.7%, to 11,734.32, and the S&P 500 climbed 30.25 points, or 2.4%, to 1296.31. The Nasdaq was stronger by 58.37 points, or 2.5%, at 2414.10.

As the new week arrived, crude edged higher by 2 cents to $115.22 a barrel as traders kept an eye on the widening military conflict between Russia and Georgia.

Turning to the corporate side, Verizon (VZ), one of the 30 Dow industrials, reached new contracts with two unions and avoided a threatened strike. The company signed tentative three-year deals with the Communications Workers of America and the International Brotherhood of Electrical Workers, which together represent more than 60,000 workers.

Meanwhile, several pieces of merger news were making headlines. A report from the U.K. said that package carrier UPS (UPS) was mulling a $15 billion bid for Dutch rival TNT, but UPS subsequently downplayed the speculation.

Elsewhere, garbage hauler Waste Management (WMI) lifted its takeover offer for Republic Services (RSG) to $6.73 billion. Republic rejected an earlier proposal, and it has been planning to merge with Allied Waste (AW).