Market Summary

Wall Street fell Monday, as a rising dollar hit energy and commodity stocks. Blue chips fell off of 11 month highs as the Dow Jones industrial average fell 41.34, or 0.4 percent, to 9,778.86, after earlier falling as much as 95 points. The broader Standard & Poor’s 500 index lost 3.64, or 0.3 percent, to 1,064.66, while the tech-heavy Nasdaq composite index rose 5.18, or 0.2 percent, to 2,138.04. Tech stocks were led higher b the deal between Dell and Perot Systems. The Russell 2000 index of smaller companies declined 1.91, or 0.3 percent, to 615.97.

Bond prices fell, sending the yield on the benchmark 10-year Treasury note up 2 basis points to 3.48%. Crude oil closed down $2.33 to $69.71 on the NYMEX; the October contract expires tomorrow. Gold fell $5.40 an ounce to $1004.90, its seventh straight close above $1,000 an ounce.

Leading Indicators Reaffirm Position that Great Recession is “Likely Over”

The index of U.S. leading economic indicators rose for the fifth straight month, capping the longest stretch of gains since 2004 and signaling a recovery is under way.

The Conference Board’s gauge of the economic outlook for the next three to six months rose 0.6 percent in August, in line with forecasts, after a 0.9 percent increase in July that was larger than previously estimated

Tech Deal Lifts NASDAQ

In an effort to diversify their business outside of the personal computer market, Dell Inc. (DELL) announced a $3.9 billion deal to acquire IT firm Perot Systems Corp (PER). The deal, approved by both companies boards, is an all cash swap valuing PER shares at $30, a roughly 65% premium over Friday’s close.