Updated from 11:04 a.m. EDT
Stocks on Wall Street were trading lower Monday as reminders of the ongoing housing and credit crises contrasted with solid earnings reports from several big Wall Street names and an uptick in oil.
Dow Jones Industrial Average
was shedding 130 points to 11,241, and the
gave up 9 points to 1249. The
slipped 23 points to 2288.
Over the weekend, a slew of corporate news emerged to help set the tone for Monday's trading. In a new development for the ongoing credit crisis, the government said last Friday that it had
, First National Bank of Nevada and First Heritage Bank of Newport Beach California. The Federal Deposit Insurance Corporation is backing the banks' deposits.
Meanwhile, Congress on Saturday
that would help homeowners refinance their mortgages and prop up battered government-sponsored entities
Also on Saturday,
XM Satellite Radio
on their long-awaited merger deal.
The Wall Street Journal
reported Sunday that
Kohlberg Kravis Roberts
New York Stock Exchange
As earnings season continues to chug along, foodmaker
reported a year-over-year increase in profits, beating expectations.
, on the other hand, saw profits decline and fall short of estimates on rising chicken costs.
Wireless telecom company
announced second-quarter earnings that, excluding charges,
. Revenue, however, fell short of the Street's forecasts.
Away from earnings, automaker
said it would scale back production for 2008 as it deals with soft U.S. demand.
British-based diversified consumer company
said it was selling its laundry detergent business to private-equity firm Vestar Capital Partners for $1.45 billion.
In the pharmaceuticals space,
announced late Friday that its osteoporosis drug denosumab had
, sending shares up 15% early Monday.
As for commodities, crude oil was rising $1.17 to $124.43 a barrel. Gold was up $2.80 at $939.70 an ounce. On Friday, the national average gasoline price dipped below $4 a gallon for the first time since May and was recently at $3.97 a gallon.
Treasury prices were recently rising. The 10-year note was up 26/32 to yield 3.99%, and the 30-year was up 1-17/32, yielding 4.59%. The dollar was slipping against the euro, the yen and the pound.
In global markets, the FTSE in London and the DAX in Frankfurt were weaker, as was the Hang Seng in Hong Kong. Japan's Nikkei, on the other hand, was rising.