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U.S. Stocks Head for Flat Open

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[December 03, 2007]  NEW YORK (AP) -- U.S. stocks headed for a narrowly mixed opening Monday as Wall Street awaits important economic readings to determine whether last week's rebound will continue.

The Dow Jones industrial average showed its biggest weekly point gain in more than four years last week, rising nearly 391 points, or 3.01 percent. Investors moved back into stocks after comments from Federal Reserve officials stirred hopes the central bank would lower short-term interest rates when it meets next week.

Also, Wall Street took comfort from news that Citigroup Inc., Freddie Mac and E-Trade Financial Corp. were able to raise cash to offset some of their debt.

Investors on Monday are due to receive a reading on manufacturing after the opening bell. Economists expect the November report on the manufacturing sector will show growth has slowed amid further difficulty in the housing sector.

The Institute for Supply Management -- a trade group of purchasing executives -- is expected to report that its index of manufacturing business activity fell to 50.4 in November from 50.9 in October, according to the consensus estimate of Wall Street economists surveyed by Thomson Financial/IFR. A showing above 50 signals expansion in the sector, while a reading below 50 indicates contraction.

Investors will also be awaiting the important November employment report, which is due Friday. Wall Street regards consumer spending as crucial to maintaining economic growth, particularly during what is for many retailers the busiest time of the year.

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Dow Jones industrial average futures fell 4, or 0.03 percent, to 13,418. Standard & Poor's 500 index futures fell 0.80, or 0.05 percent, to 1,484.50. Nasdaq 100 futures rose 3.00, or 0.14 percent, to 2,097.50.

Bonds prices fell, with the yield on the benchmark 10-year Treasury note rising to 3.95 percent from 3.94 percent late Friday. Bond prices and yields move in opposite directions.

The dollar was lower against other major currencies, while gold prices fell.

Light, sweet crude fell 79 cents to $87.92 per barrel in premarket electronic trading on the New York Mercantile Exchange.

___

On the Net:

New York Stock Exchange: http://www.nyse.com/

Nasdaq Stock Market: http://www.nasdaq.com/

[Associated Press; By TIM PARADIS]

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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