Stocks Surrender Early Gains
The major averages began the day in positive territory following
strong retail sales data and another injection of cash by the
Central Bank. The averages have experienced little major movement
throughout the session and into the close.
Monday, mortgage lender Accredited Home
Lenders Holding Co.
(
LEND |
Quote |
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News |
PowerRating) revealed it has filed a
lawsuit against Lone Star Fund V, L.P. and two of its affiliates
seeking the private equity firm to close its tender offer for
Accredited shares and complete the $400 million acquisition. (full
story). LEND shares fell 35%.
Crude oil futures for September delivery
gave up early gains and closed up fractionally to $71.69 a barrel
after hitting an intraday high of $73.19. Gold futures for December
delivery fell fractionally to $680.90 an ounce on dollar strength.
Around Europe, Germany’s DAX added 1.8%
to close at 7,474.33, France’s CAC 40 index rose 2.2% to 5,569.28,
and Britain’s FTSE 100 index jumped 3% to 6,219.00.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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