Updated from 8:04 a.m. EDT
Wall Street floated higher at the open Monday as traders looked to stem the prior session's selloff amid oil prices that, at least for the moment, were taking a break from last week's fierce run-up.
Dow Jones Industrial Average
climbed 34 points to 12,780, and the
added 2 points at 1390. The
was up 4 points to 2449.
Last time out, the broad indices took a slide, including a 120-point loss on the Dow, after insurance titan
American International Group
reported another big loss and crude oil reached a new high again.
But the new day saw crude retreating from some of those gains, losing $1.26 to $124.70 a barrel. Gold futures were down $5.20 to $880.60 an ounce. The U.S. dollar firmed by 0.2% against the euro to $1.5453 while jumping 0.9% against the yen.
On the corporate front,
dropped 4.6% after the beleaguered mortgage insurer lost $2.41 billion in the first quarter. The loss came as MBIA took a $3.6 billion hit in unrealized losses on insured derivatives.
Also swinging to a first-quarter loss was mortgage lender
. The firm, which lost $184.2 million, or $2.27 a share, warned that it won't achieve a profit until the plunge in housing prices eases up.
was up 2.7% in the premarket, however, after saying first-quarter earnings climbed from last year, thanks to its success in emerging markets such as Asia. That came even as the Britain-based bank wrote down $2.6 billion in assets and doubled its loan-impairment charges.
Away from financials,
shares were off 4.3% after the telecom-services outfit sharply widened its first-quarter loss to $505 million, or 18 cents a share, as it continued to lose subscribers. Stripping out one-time expenses, Sprint made 4 cents a share, or 2 cents better than expected. Still,
revenue fell short
XM Satellite Radio
also lost more money its latest quarter, but the stock was climbing. XM's merger partner
is expected to post its results following the close of trading.
Meanwhile, confirmation came that
has agreed to pay Tribune Co. $650 million for the Long Island newspaper Newsday. Over the weekend, Rupert Murdoch's
for the paper. Cablevision slipped 1.8%, and News Corp. rose 3.4%.
Elsewhere, after Friday's market close
said harsh economic conditions and climbing fuel prices have squeezed its bottom line, and the package-delivery outfit
. Shares were down 2.7%.
Treasury prices were little changed. The 10-year note dipped 1/32 in price to yield 3.78%, and the 30-year bond added 2/32 in price, yielding 4.52%.
Markets abroad were mixed. In Asia, Tokyo's Nikkei 225 added 0.6% overnight. Hong Kong was closed. Among European exchanges, the FTSE 100 in London, the Xetra Dax in Germany, and the Paris Cac were all up 0.3% or more.