Stocks Surrender Early Gains

The major averages began the day in positive territory following strong retail sales data and another injection of cash by the Central Bank. The averages have experienced little major movement throughout the session and into the close.

Monday, mortgage lender Accredited Home Lenders Holding Co. (LEND | Quote | Chart | News | PowerRating) revealed it has filed a lawsuit against Lone Star Fund V, L.P. and two of its affiliates seeking the private equity firm to close its tender offer for Accredited shares and complete the $400 million acquisition. (full story). LEND shares fell 35%.

Crude oil futures for September delivery gave up early gains and closed up fractionally to $71.69 a barrel after hitting an intraday high of $73.19. Gold futures for December delivery fell fractionally to $680.90 an ounce on dollar strength.

Around Europe, Germany's DAX added 1.8% to close at 7,474.33, France's CAC 40 index rose 2.2% to 5,569.28, and Britain's FTSE 100 index jumped 3% to 6,219.00.

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Darren Wong
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