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US stocks were little changed on Monday as surging oil prices boosted energy stocks and a fresh round of take-overs offset concerns about a sharp sell-off in Chinese stocks.
Energy was the S&P 500's top-gaining sector as oil surged above $70 on news that a cyclone was headed towards the oil-producing Arabian peninsula with a potential to disrupt shipping and output. Shares of Chevron Corp rose 1.1 percent to $83.12.
China's domestic stock market fell 8 percent, its fourth straight losing session, following last week's hike in the tax on stock trades. Nevertheless, markets in Tokyo, Hong Kong and Seoul ended higher, and European markets were only slightly lower on Monday. US stocks initially fell in early morning trading, but clawed their way back.
Among decliners, airline stocks fell on worries about weak revenues. Continental Airlines shares fell 5.5 percent after the company reported lower revenues per passenger in May, an early sign of weakness going into the key summer travel season.
"The main story today is energy," said Scott Vergin, portfolio manager at Thrivent Financial in Minneapolis. "On the negative side, you've got airlines, which are weak on worries about traffic numbers. But apart from these stories, the market is quite lackadaisical. People really don't seem that concerned about China."
The Dow Jones industrial average was down 15.52 points, or 0.11 percent, at 13,652.59. The Standard & Poor's 500 Index was up 0.35 of a point, or 0.02 percent, at 1,536.69. The Nasdaq Composite Index was down 1.42 points, or 0.05 percent, at 2,612.60. General Electric & Co and Wal-Mart Stores Inc were among the top advancers in the Dow and the S&P 500, which helped support the broad market.
General Electric rose 0.8 percent to $37.76, after Barron's, the weekly financial newspaper, reported that the conglomerate may face pressure to spin off some units. Wal-Mart rose 2.8 percent to $50.86 after several brokerages raised their ratings on shares of the world's biggest retailer, citing the company's plans to curb its US store growth and a $15 billion share-buyback announcement.
A string of take-over news, including a buyout of struggling subprime mortgage lender Accredited Home Lenders Holding Co, also lent support to the market.

Copyright Reuters, 2007

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