Stocks rise in midday trading, led by energy and banks

Stocks rise in midday trading, led by energy and banks

Stocks fell in light trading Monday as investors dumped former darlings of the market, real estate companies and utilities.

KEEPING SCORE: The Dow Jones industrial average was down 82 points, or 0.5 percent, to 18,226 as of 12:56 p.m. The S&P 500 index lost 7.07 points, or 0.3 percent, to 2,161.20. The Nasdaq Composite Index declined 11.13 points, or 0.2%, to 5,290.09.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slid 0.5 percent in early trading.

The S&P 500 is up 117.26 points, or 5.7 percent. Japan's Nikkei closed up 0.5 percent, aided by a weaker yen.

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Asian stocks posted modest gains and the dollar strengthened further against the yen Thursday as a healthy US economic report and rising oil prices overnight bolstered investor optimism. Strong jobs numbers might encourage Federal Reserve to raise interest rates this year. The yield on the 10-year Treasury note rose to 1.61 percent from 1.60 percent.

Deutsche Bank, which like other euro zone lenders has had its profitability questioned by the ECB's ultra-low interest rates, recovered further from record lows hit last week in the wake of a $14 billion claim by the US authorities over alleged mis-selling of mortgage backed securities. On Monday, the Institute for Supply Management said that its manufacturing index rose to 51.5 in September from 49.4 in August, indicating that US manufacturing rebounded last month. But the world's advanced economies are expected to grow 1.6 percent this year, down from the 1.8 percent the fund forecast in July, pulled down by slower expected growth in the United States.

The dollar gained 1.2 percent to 102.885 yen JPY=D4 on Tuesday, its strongest level since September 14.

ENERGY: Benchmark U.S. crude oil rose 25 cents to $48.49 a barrel while Brent crude, the global standard, rose 44 cents to $50.62 a barrel in London.

Precious and industrial metals prices closed lower. The contract rose $1.14, or 2.3 percent, to settle at $49.83 a barrel. Gold lost $1.10 to $1,268.60 an ounce, silver fell 8 cents to $17.70 an ounce and copper was little changed at $2.16 a pound. Wholesale gasoline edged up one cent to 1.47 dollars a gallon, heating oil rose one cent to 1.55 dollars a gallon and natural gas increased two cents to 2.923 dollars per 1,000 cubic feet.

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