Markets flat Monday

Oil prices dropped sharply, falling nearly $3 per barrel to $48.76.

In early afternoon trading, the Dow Jones industrial average was off 13.86 points or 0.17 percent to 8,062.43. The Standard & Poor's 500 fell 4.22 or 0.749 percent to 862.01. The Nasdaq composite index lost 4.80 or 0.28 percent to 1,689.49.

The benchmark 10-year U.S. Treasury bond rose 5/32 to yield 2.972 percent.
The euro fell to $1.3124, compared to Friday's $1.3243. Against the Japanese yen, the dollar fell to 96.55 yen, compared to Friday's 97.13 yen.

In Tokyo, the Nikkei average gained 18.35 points to 8,726.34, up 0.21 percent.
In London, the FTSE index gained 11.02 points, 0.27 percent, to 4,167.01.

Copyright 2009 by United Press International.