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U.S. stocks were headed for a flat open Monday, with trading expected to be volatile as oil prices above $106 a barrel and gold prices at a new intraday record will likely keep investors on edge.
U.S. stocks fell sharply Friday, as investors dismissed the jobs data and focused on oil prices surging over $104 a barrel. Stocks still managed to scratch out gains for the week, with the Dow rising 0.3%, and the S&P and Nasdaq rising 0.1% each.
Oil prices will remain in focus Monday, with crude rising above $106 a barrel in electronic trading.
Companies: Western Digital's (WDC) stock rose 5% in premarket trading after the company agreed to acquire Hitachi's hard disk drive business. The stock and cash transaction is valued at $4.3 billion.
Analysts at Moody's slashed Greece's credit rating three notches Monday to B1. The ratings agency also issued a negative outlook for the nation, which has struggled to implement austerity measures aimed at reducing a massive debt load.
Gold for April delivery gained $16.40 to a new intraday record of $1,445 an ounce before slipping to $1,444.70.
But the precious metal remains miles away from its true peak, when adjusted for inflation. Gold hit its real record on Jan. 21, 1980, when it rose to $825.50 an ounce. Adjusted for inflation from 1980 dollars to 2011, that translates to an all-time record of $2,206.24 an ounce.
The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.52% from 3.55% late Friday.
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