Stocks edged up on Monday as a cost-cutting plan from General Motors Corp and a rebound in technology stocks offset fears that a possible global flu outbreak could delay an economic recovery.
The S&P 500 and Nasdaq briefly turned lower on Monday, and the Dow Jones industrial average pared gains, after the World Health Organization commented on the swine flu outbreak.
Stocks recovered ground to turn positive on Monday as investors scooped up shares of defensive stocks in the wake of anxiety that a possible global flu outbreak could further hamper the world economy.
A continent that has battled deadly viruses such as the H5N1 bird flu and SARS in recent years, has been taking steps to ward off the new swine flu virus.
The flu virus spreading around the world should not be called swine flu as it also contains avian and human components and no pig was found ill with the disease so far, the World Animal Health body said on Monday.
The prompt resolution of a 15-year old dispute over access to U.S. roads by Mexican trucks could be another casualty of the deadly swine flu outbreak, international trade experts said on Monday.
Stocks fell on Monday on anxiety that a possible global flu outbreak could derail the economy's efforts to climb out of a recession.
Governments around the world acted to stem a possible flu pandemic on Monday, as a virus that has killed 103 people in Mexico and spread to North America was confirmed to have reached Europe.
Canadian oil and natural gas trust Daylight Resources Trust said it agreed to buy a private oil and gas company for about C$109 million ($89.64 million) in a cash and stock deal, which will boost its total production by about 13 percent.
California's new low-carbon fuel rules may be a violation of NAFTA and World Trade Organization provisions because they would unfairly limit exports of crude from Canada's oil sands to the state, a prominent Canadian trade lawyer said Friday.
Wall Street looked set for a drop of more than 1 percent at the open on Monday as investors worried that a possible global flu outbreak could throw a wrench into the economy's ability to climb out of a recession.
Fears that any tentative green shoots in the global economy could be trampled by a deadly outbreak of swine flu put markets on edge on Monday, after world policymakers said over the weekend that a recovery could begin later this year but plenty of downside risk remained.
Asian stocks fell about 2 percent on Monday as the outbreak of swine flu in North America hurt shares of airlines while prompting some market players to trim risky positions, hitting currencies such as the Australian dollar.
U.S. stocks may run into some turbulence this week as the impending release of bank stress test results, a Federal Reserve meeting and a flood of earnings give investors reasons for caution.
Oil prices fell over 2 percent toward $50 a barrel on Monday, paring some of the previous session's near 4 percent gain on fears of a global flu pandemic that could give the world economy another knock.
Fears of a global swine flu pandemic grew with new infections in the United States and Canada on Sunday, and millions of Mexicans
Oil prices fell over 2 percent toward $50 a barrel on Monday, paring some of the previous session's near 4 percent gain, on fears of a global flu pandemic after an outbreak of swine flu in Mexico.
Corrects first paragraph to clarify that the disease is not yet a pandemic and market is moving on fears of it reaching pandemic proportions
Oil prices fell over 2 percent toward $50 a barrel on Monday, paring some of the previous session's near 4 percent gain, on fears of a global flu pandemic after an outbreak of swine flu in Mexico.
Oil prices retreated below $51 a barrel on Monday, giving back some of the previous session's near 4 percent gain, on risk aversion following a deadly swine flu pandemic emerging from Mexico.
Finance chiefs from the G7 powers said on Friday the global economy may be past the worst phase of a recession although recovery was not yet assured, and they pledged to make sure that big financial firms are sound.
Chrysler's lenders and a Canadian union continued talks on Friday with less than a week to a U.S. government deadline to cut deals, as General Motors Corp drew $2 billion more in government aid.
