Wall Street Gives Early Gains Back

Stocks seesawed in a choppy session on Monday. All three major indices jumped between negative and positive territory during most of the day. Rising oil prices and economic optimism initially lifted the market. Gains eventually dissolved and stocks fell back into red before the closing bell. The Dow Jones Industrial Average managed to add a measly 3.32 points.

A number of stocks surged during the session after some positive news. Advanced Micro Devices (AMD) gained 8 percent after Citigroup upgraded the chipmaker to "buy" from "hold." Shares of Fannie Mae (FNM) and Freddie Mac (FRE) advanced nicely following Friday's news that the Federal Reserve bought $5.6 billion of Fannie, Freddie and Federal Home Loan Bank debt. Nokia's (NOK) plan to expand its traditional cell phone business by introducing a mini-laptop boosted shares.

No major economic reports were released today, but investors are anxiously awaiting the Conference Board's monthly consumer confidence index slated for release on Tuesday. This last week of summer is expected to bring low trading volume as market pros head out on vacation or hold off on making any big changes in their portfolios until the fall.

Fresh News Sparking Headlines

All Clunkered Out - Tick. Tick. Tick. Can you hear that? That's the sound of the government's widely successful (and administratively troublesome, depending on who you ask) "Cash for Clunkers" program coming to an end.

Video - Cash for Clunkers: End of the Road

Warner Chilcott, P&G agree on $3.1 billion deal - Procter & Gamble Co. (PG) has finalized a deal to sell its pharmaceutical business to Warner Chilcott Plc (WCRX), a step in its plan to unload what it considers less profitable and non-core businesses.

Facebook Plans Hiring Spree - Dust off your old resume and send it over to Facebook. The online social networking site is looking to expand its staff by as much as 50 percent this year .

Reader's Digest files prearranged bankruptcy - The publisher of Reader's Digest officially filed for Chapter 11 bankruptcy protection Monday, as part of a prearranged restructuring plan approved by most of its lenders.

BofA to settle Merrill lawsuit for $150 million - Bank of America Corp (BAC) has agreed to pay $150 million to settle a class-action lawsuit accusing the former Merrill Lynch & Co of misleading investors.

Other Juicy Tidbits

Can AT&T Meet iPhone Network Demands? - As AT&T (T) struggles to keep up with iPhone-delivered videos and apps, its leadership in the market for smartphone Web access is at stake.

Teaching Teens About (Credit) History

Mortgage Relief That's No Help To Homeowners - The mortgage industry claims it has provided relief over the last two years to 4 million homeowners who were having trouble paying their mortgages. But all help is not created equal.

Housing: Still a Long Road to Recovery

Video - Economy: Premature Jubilation?

Bernie Madoff Isn't Dying of Cancer - Wall Street swindler Bernard Madoff has not been diagnosed with cancer according to the Federal Bureau of Prisons.