April 26th, 2010
07:22 PM ET

Stocks sputter after hitting '10 highs

A look at highlights from the day's business news:

Dow hits 19-month high

The Dow managed to eke out a fresh 19-month high Monday on Caterpillar's strong earnings, but a selloff in financials hit the broader market at the start of a busy week on Wall Street.

The Dow Jones industrial average ended just above unchanged, with Caterpillar and a few other stocks countering the weakness in financials.

The S&P 500 index lost 5 points, or 0.4 percent, after ending Friday's session at a 19-month high.

The Nasdaq composite lost 7 points, or 0.3 percent, after ending the previous session at the highest point in almost two years.      

Stocks seesawed through the session as investors welcomed Caterpillar's earnings and forecast but showed reluctance at the start of a busy week. Financial concerns continued to drag on the market.

Treasurys: busy week ahead

Treasurys rose Monday, as investors look ahead to a busy week featuring $129 billion in government auctions, a Federal Reserve decision on interest rates and continued concerns about Greece's debt.

What prices are doing: The benchmark 10-year note rose 4/32 to 98-22/32, pushing the yield down to 3.81 percent. Bond prices and yields move in opposite directions.

The 30-year bond was flat at  99-12/32 and a yield of 4.67 percent. The 2-year note rose 1/32 to 99-29/32 with a 1.06 percent yield. The 5-year note was up 4/32 to 99-22/32 with a yield of 2.57 percent.

What's moving the market: The Treasury Department's auction of 5-year TIPS Monday saw strong demand, with investors submitting bids totaling $34.2 billion for the $11 billion issue.

Oil prices decline

Oil prices fell more than 1 percent Monday as initial optimism about Greece's bailout waned, sending the dollar higher against the euro. 

What prices are doing: Crude oil for June delivery fell 92 cents to settle at $84.20 a barrel.

The dip interrupted a recent rebound in prices. Crude rose nearly 4 percent in the past week, fueled by strong economic data and Greece's decision to accept a $53 billion bailout package. Crude prices are 74 percent higher than this time last year.

What's moving the market: Prices fell for the first time in five days amid growing concern over Greece's bailout prospects.

Dollar climbs vs. euro on Greece fears

The dollar rose against the euro Monday as investors remained concerned about Greece despite the country's decision last week to activate an emergency aid package.

What prices are doing: The dollar was up 0.15 percent versus the euro at $1.3365 and gained 0.07 percent against the yen to ¥94.04. But it fell 0.5 percent against the U.K. pound to $1.5453.

The euro was under pressure as investors struggled with how and when the aid package Greece activated last week will be provided. The country faces a May 19 deadline for refinancing 8.5 billion euros, or about $11.4 billion, in borrowings.

In a sign of renewed concern, yields on Greek bonds soared, with the spread between Greek and German bonds reaching a record high on Monday.

CNNMoney.com reporters Ben Rooney, Chavon Sutton, Alexandra Twin and Annalyn Censky contributed to this report.


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