Stocks were little changed Monday, finishing mixed as investors awaited the U.S. presidential election and considered lower oil prices, a stronger dollar, and more signs the economy is in a recession. Lending rates continued to improve amid the efforts of U.S. and world governments to get money flowing again. In the afternoon, Federal Reserve (Fed) official Richard Fisher predicted that there will be no economic growth through 2009. The U.S. government said it will borrow a record $550 billion in the fourth quarter and another $368 billion in the first quarter of next year as it tries to fund the massive financial rescue plan recently put in place. Investors were cautious Monday ahead of Election Day. Analysts said investors will be pleased when the election is over and will welcome a change in presidential administrations. Light sweet crude oil for December delivery fell $3.90 to $63.91 a barrel on the New York Mercantile Exchange. The U.S. dollar fell versus the euro and gained against the yen. In economic news, an index on the U.S. manufacturing sector fell to a 26-year low of 38.9 in October from 43.5 the previous month. The decline suggests a recession and echoes weakness in recent regional manufacturing reports. Another report showed construction spending fell 0.3 percent in September. A survey of top economists showed a majority believe the United States is in a recession and will remain in one through 2009. In company news, Circuit City shares jumped 38 percent after the consumer electronics retailer announced it was closing about 20 percent of its stores. Ford Motor reported October sales fell 30 percent from a year ago, but the decline was smaller than analysts had expected. The Dow Jones industrial average was virtually unchanged, falling 5.18 to 9,319.83. General Motors (GM) reported a bigger-than-expected decline of 45 percent in October vehicle sales. The broader Standard & Poor's 500 index fell 2.45, or 0.25 percent, to 966.30. The technology-heavy Nasdaq composite index rose 5.38, or 0.3 percent, to 1,726.33. The New York Stock Exchange composite index fell 6.11 to 6,054.98. The American Stock Exchange composite index rose 8.44 to 1,475.34. And the Russell 2000 index rose 0.98 to 538.50.
