Stocks End Negative Day Narrowly Mixed

Updated from 3:16 p.m. EDT

After a day of bouncy trading, blue-chip stocks on Wall Street finished with mixed results, while technology shares got bruised slightly.

The Dow Jones Industrial Average was up 15.96 points, or 0.1%, to 11,532.88, and the S&P 500 slipped 2.59 points, or 0.2%, at 1274.98. The Nasdaq was lower by 15.51 points, or 0.7%, to 2333.73.

The Federal Reserve's so-called beige book, which contains anecdotal data on the state of the economy, indicated that many regions have been slow, but the threat of inflation appears to have waned. The Fed also said that although exports had boosted factory output, the lift in activity had since declined. It also said consumer spending remains slow.

"From a Fed watcher point of view it doesn't look like they're going to raise rates anytime soon," said Doug Roberts, chief investment strategist at ChannelCapitalResearch.com. He said that declines in the dollar had stimulated exports, but now that the greenback is strengthening, export growth is cooling even as the U.S. consumer regains some strength.

Several financial-services names held the spotlight. Continuing to stoke speculation on a potential deal to help struggling brokerage Lehman Brothers (LEH Quote), the Associated Press said that Korea Development Bank has inked a proposal to buy a 25% stake in Lehman. The news agency cited a report in a widely circulated South Korean newspaper.

Meanwhile, Ospraie Fund, a commodities investment fund that is 20%-owned by Lehman, announced that it will be shutting down because of bad bets on copper and natural gas. Lehman shares finished the day up 5% at $16.94.

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