Major indexes pared earlier gains as investors awaited the start of earnings season. After the bell, Alcoa posted a lower-than-expected profitStocks closed narrowly mixed as profit taking bit into earlier gains. Major indexes had moved solidly higher earlier in the session on news that troubled bank Washington Mutual (WM) may be close to getting an extra $5 billion in capital. Oil stocks were higher as heating oil, gas oil soared on cold European weather. Automakers General Motors (GM) and Ford (F) were rebounding from Friday's slump.
Also on Monday, tech stocks were in focus, as Microsoft (MSFT) and Yahoo (YHOO) wrangled over Microsoft's offer to buy its rival. Yahoo said Monday it is not opposed to the deal but wants a better offer from Microsoft, which had proposed buying Yahoo for $41 billion.
Bond prices fell, while the dollar index rose. Gold and crude futures rose sharply.
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