YAHOO [BRIEFING.COM]: Equity markets were quiet for the duration of today's trading session. The Nasdaq opened slightly positive before a disappointing report from the Dallas Federal Reserve pushed all three indices into negative territory. After marking session lows, stocks could not gain enough traction to sustain a meaningful rally. As a result, the Nasdaq shed 0.4% while the Dow and the S&P 500 declined by less than 0.1% each.

In Europe, major indices finished on their highs as final hour buying pushed both Italy's MIB and Spain's IBEX to 2.8% gains. Italian bond yields eased as the country auctioned off 5- and 10-yr bonds, but finished the day higher with the 10-yr settling near 6.00%. Elsewhere, Germany's DAX advanced 1.3%, while France's CAC and Britain's FTSE both closed up 1.2%.

The European rally failed to extend into the U.S. session.

Low volume was the day's storyline with just over 650 million shares traded on the New York Stock Exchange.

The Dallas Federal Reserve released its monthly manufacturing survey which showed a business activity index of -13.2 when a reading of 2.5 was widely expected. The production index came in at 12 versus 15.5 last month.

Major financials traded in-line with the broader market. Down 2%,
JPMorgan Chase (JPM 36.14, -0.75) was the outlier after being downgraded from ‘Buy' to ‘Hold' by Deutsche Bank.

Insurer
Loews (L 39.54, -2.16) ended down 5.2% following a disappointing earnings report. Today's decline brought it to a level not seen since last month.

Sprint Nextel (S 4.51, +0.20) continued its advance after earnings exceeded market expectations. The stock finished up 4.6%, and was one of the S&P 500 leaders.

Shaw Group (SHAW 41.49, +14.80) gained 55% after the firm was acquired by Chicago Bridge & Iron Company (CBI 34.94, -5.76). CB&I will pay a total of $3 billion or $46 per share of Shaw. Shares of CB&I were down 14% in the wake of acquisition news. Shaw Group also received a downgrade from UBS after the transaction was announced.

The dollar index advanced almost 0.3%. At 82.90, it tested support levels dating back to early June. The greenback's strength was most apparent against the euro, up more than 0.5% at 1.2255.

Crude oil fell for the first time in five days as the dollar gained strength. The energy component briefly pushed into positive territory to a floor session high of $90.34 per barrel in morning action, but tumbled back down into the red. It touched a session low of $89.33 and settled with a 0.4% loss at $89.80.

Crude oil fell for the first time in five sessions as the dollar gained strength. The energy component briefly pushed into positive territory to a floor session high of $90.34 per barrel in morning action but tumbled back down into the red. It touched a session low of $89.33 per barrel and settled with a 0.4% loss at $89.80 per barrel.

Conversely, natural gas spent its entire pit session climbing higher, brushing a new 6 month high of $3.23 per MMBtu for the September contract. It settled just below that level at $3.21 per MMBtu or 5.9% higher.

Gold came off its pit session low of $1617.60 per ounce and climbed out of negative territory in morning action. It touched a session high of $1626.50 per ounce but lost steam moments later and spent the remainder of floor trade chopping around near the break-even level. The yellow metal ultimately settled 0.1% higher at $1624.20 per ounce. Silver, on the other hand, spent its entire pit session in the black. Although it pulled-back slightly into a consolidative pattern after climbing to a session high of $28.11 per ounce, it managed to book a gain of 1.9% as it closed at $28.02 per ounce.

Tuesday will bring a full slate of economic data. Personal income and spending will be released at 8:30 AM ET while the S&P Case-Shiller 20-city Index will hit the wires at 9 AM ET. In addition, Chicago PMI will be reported at 9:45 AM ET and consumer confidence at 10 AM ET.DJ30 -2.65 NASDAQ -12.25 SP500 -0.67 NASDAQ Adv/Vol/Dec 884/1.44 bln/1587 NYSE Adv/Vol/Dec 1473/659.1 mln/1560