US stocks move little on Lehman Brothers loss

Business Materials 17 June 2008 04:44 (UTC +04:00)

US stocks were little changed Monday as Lehman Brothers posted a 2.8-billion-dollar quarterly loss that was in line with its preliminary report last week. ( dpa ) Financial shares were helped by the Lehman report, which suggested the mortgage-market crisis has eased slightly in the first quarter of the year.

Technology stocks climbed on expectations that Apple's upgraded iPhone could dramatically boost the company's sales. Sirius Satellite Radio and XM Satellite Radio gained after the head of a US federal regulator said he would approve a merger of the two rivals.

The blue-chip Dow Jones Industrial Average lost 38.27 points, or 0.31 per cent, to 12,269.08. The broader Standard & Poor's 500 edged up 0.11 points, or 0.01 per cent, to 1,360.14. The technology-heavy Nasdaq Composite Index rose 20.28 points, or 0.83 per cent, to 2,474.78.

The US currency dropped against the euro to 64.65 euro cents from 65.02 euro cents on Friday but climbed slightly against the Japanese currency to 108.23 yen from 108.19 yen.

Gold rose 9.30 dollars to 882.40 dollars per fine ounce.