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Monday Evening Business Brief

August 22, 2011, 4:46 PM

Monday Evening Business Brief
Stocks posted modest gains to begin the week. The Dow Jones industrial average, which was up as many as 200 points during the session, gained 37 to close at 10,854. The Nasdaq rose four points to 2,345, and the S-and-P 500 was up fractionally at 1,124.
  • Gold prices continued to climb on concerns about what's ahead for the global economy. The price of an ounce of gold rose $39.80 on the New York Mercantile Exchange, to $1,888.80 an ounce.
  • The dollar traded in a tight range ahead of a key speech later this week by Federal Reserve Board Chairman Ben Bernanke. Analysts say traders are waiting to see if he hints at any new steps to boost the lagging economy.
  • Oil prices were mixed worldwide as analysts pondered how long it will be before Libya begins producing crude again. The price rose $1.86 to $84.12 a barrel on the New York Mercantile Exchange. This came after a 26 cent drop in European trading. Traders who play the international oil markets, anticipating that the price of european crude would keep falling, wanted more U.S. oil.
  • IPOs are MIA. The double digit drop in the major stock indexes has prompted 17 companies to scrap plans for initial public offerings this month. That's the most in more than two and a half years. There have been only four IPOs this month.

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