Stocks seesawed Monday, as investors worried about a global recession but also welcomed the start of the government's efforts to shore up the financial system.
The Dow Jones industrial average (INDU) lost 0.5% around two hours into the session, after having been on both sides of breakeven earlier. A more than 10% rally in component Verizon following its profit report paced the Dow's advance.
With just one week left in October, the Dow is down 22.8%, the S&P 500 is down 24.8% and the Nasdaq is down 25.5%. All three major stock gauges are at five-year lows.
Treasury prices rose modestly, lowering the yield on the 10-year note to 3.67% from 3.68% Friday. Treasury prices and yields move in opposite directions.
The yield on the 3-month Treasury bill, seen as the safest place to put money in the short term, slipped to 0.83% from 0.86% late Friday, showing investors would rather see little return on their money than risk the stock market.
Last month, the 3-month yield reached a 68-year low around 0%, as investor panic hit its peak.
Dow component Verizon Communications reported higher quarterly earnings that met estimates on higher sales that beat forecasts. Verizon shares jumped 10%.
U.S. light crude oil for December delivery fell $1.21 to $62.96 a barrel.
COMEX gold for December delivery rose 70 cents to $731 an ounce.