Major U.S. stock indices ended mixed even though American International Group (NYSE:AIG) continued raise cash by selling its units and France reiterated its support for Greece and the euro.
The S&P 500 Index closed down 0.19 points, or 0.02 percent, at 1,138.50. The Dow Jones Industrial Average is down 13.68 points, or 0.13 percent, at 10,552.52.
The tech heavy Nasdaq Composite closed up 0.25 percent, buoyed by Cisco (NASDAQ:CSCO), up 3.65 percent, Yahoo! (NASDAQ:YHOO), up 2.86 percent, and Research In Motion (NASDAQ:RIMM), up 5.60 percent.
Cisco released a press statement saying that it will announce a plan on Tuesday that will forever change the internet and its impact on consumers, businesses and governments
Yahoo! and Research In Motion were beneficiaries of analyst upgrades.
American International Group (NYSE:AIG) continued to make headlines on Monday as it sold its American Life Insurance Company, or ALICO, to MetLife (NYSE:MET) for $15.5 billion.
According to AIG Chairman Harvey Golub, the proceeds from this transaction, combined with the sale of its Asian life insurance unit last week, will generate $31.5 billion in cash and $19.2 billion in securities.
The firm will use the combined $51 billion to pay back the U.S. government. Even after the payment, however, AIG would still owe another $50 billion to the government.
AIG closed up 3.63 percent and MetLife (NYSE:MET) closed up 5.09 percent as investors judged that both companies will benefit from the move.
French President Nicolas Sarkozy stated on Sunday that France is by the side of Greece in the most resolute fashion.
Sarkozy also pledged the solidarity of euro zone members for the euro currency and said that his finance minister is working on a support package for Greece, which will be used only if necessary.
The French president did not reveal any details about the possible aid.
Nevertheless, investors cheered this latest development as Greek bonds rose and the cost of insuring them against default fell.