Stocks reduced earlier losses Monday, ending mixed, as investors struggled with record-high oil prices, a weakening U.S. dollar, and more discouraging economic news. Oil prices surged, with light sweet crude for April delivery gaining 61 cents to $102.45 a barrel on the New York Stock Exchange. The future contract set an electronic-trading record of $103.95 earlier in the day. Oil prices have been supported in recent weeks by speculative investment and the weakening dollar, which makes the commodity more attractive to overseas buyers. The U.S. dollar hit a three-year low versus the Japanese yen but regained somewhat against the euro. The dollar sank to a record-low against the euro last week and traded near those same levels during Monday's session. Monday's economic news did little to soothe fears that the U.S. economy is in recession. The Institute for Supply Management's index of manufacturing activity was lower than expected, dropping to 48.3 in March from 50.7 the previous month. A reading below 50 reflects contraction in the sector. In another report, the Commerce Department said that U.S. construction spending fell 1.7 percent in January, its largest monthly decline in 14 years. The Dow Jones industrial average was little changed, falling 7.49 to 12,258.90. Shares of Boeing, which failed to win a huge U.S. military contract on Friday, fell 3 percent. The broader Standard & Poor's 500 index was also virtually unchanged, rising 0.71 to 1,331.34. The technology-heavy Nasdaq composite index fell 12.86, or 0.6 percent, to 2,258.60. Shares of online stock brokerage E*Trade rose more than 3 percent after the Wall Street Journal reported that the company, which has struggled recently, had named a new chief executive. The New York Stock Exchange composite index rose 7.93 to 8,970.39. The American Stock Exchange composite index fell 4.49 to 2,322.11. And the Russell 2000 index fell 1.96 to 684.22.
