U.S. markets stage midday comeback

NEW YORK, May 6 (UPI) -- U.S. stock indexes staged a comeback Tuesday after a quick decline in early trading.

The spiking price of crude oil, topping $121 per barrel Tuesday and a weak housing market in the United States continue to worry investors as the economy skims along at near-recession levels.

In early afternoon trading Tuesday, the Dow Jones industrial average lost 15.80 points to 12,953.74, off 0.12 percent, a climb from an early loss of 93.23 points.

The Standard and Poor's 500 index came away from a morning of red ink to a gain of 3.03 points to 1,410.52, up 0.32 percent. The Nasdaq composite gained 10.13 points to 2,474.25, up 0.41 percent.

The 10-year U.S. Treasury note rose 2/32 to yield 3.863 percent.

The dollar fell. The euro traded at $1.5542 from Friday's $1.5488 and the dollar traded at 104.65 yen from Friday's 104.84 yen.

Hong Kong's Hang Seng index gained 78.18 points to 26,262.13, up 0.3 percent Tuesday.

In London, the FTSE 100 index gained 1.5 points to 6,217, up 0.02 percent.

In Japan, the stock market was closed Tuesday.

Copyright 2008 by United Press International