Updated from 9:38 a.m. EDT
Stocks in New York were narrowly mixed Monday morning as traders continued searching for direction following an uneven showing for the major averages last week.
Dow Jones Industrial Average
was down 30 points at 12,277, and the
was losing 1 point at 1359. The
was better by 16 points at 2470.
Last week, the major averages had a mixed showing. The Dow gained 0.8% to end at 12,307.35, while the S&P 500 finished less than a point lower at 1360.03. The Nasdaq declined about 0.8% to 2454.50.
As the new day began, investors learned that Martin Sullivan is out as CEO of
American International Group
and will be replaced by AIG's chairman, Robert Willumstad. Stephen Bollenbach, an AIG director and a former CEO of Hilton Hotels, was named lead director.
The insurance giant's board had held a special meeting this weekend to consider Sullivan's fate.
, which last week ousted its chief financial officer and chief operating officer, posted a $2.8 billion second-quarter loss, matching its recent warning, owing to additional writedowns, new trading losses and bad hedges.
Also in focus were three Dow components who received analyst downgrades.
was cut to neutral from overweight at JPMorgan, while
were lowered to neutral from buy at UBS.
On the positive side, Citigroup lifted its price targets on a series of agriculture stocks --
Elsewhere, the staff of the Federal Communications Commission has reportedly proposed that the agency finally grant clearance to the merger of
XM Satellite Radio
Sirius Satellite Radio
, which would bring to a close a long regulatory review of the deal.
On the commodities side, oil was up $2.84 at $137.70 a barrel, despite word that Saudi Arabia may boost production next month to about 9.7 million barrels a day.
Earlier, crude reached an all-time high just short of $140. Gold was rising $17.30 to $890.40 an ounce.
The dollar was for the most part weaker, but it rose against the yen. Treasury prices were little changed. The 10-year note was up 1/32, yielding 4.25%, and the 30-year bond was down 6/32, yielding 4.80%.
As for the day's economic news, the
Bank of New York said its economic index for June fell to negative 8.7 from minus 3.2 in May, indicating a continuing contraction. Economists were looking for a reading of negative 2.
This article was written by a staff member of TheStreet.com.