US stocks rise moderately in light trading

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Christopher Walls, of Institutional Direct Inc., watches a monitor on the floor of the New York Stock Exchange, Tuesday, Feb. 27, 2007, in New York. Wall Street fell sharply, joining a global stock decline sparked by growing concerns that the U.S. and Chinese economies are cooling and that U.S. stocks are about to embark on a major correction. (AP Photo/Henny Ray Abrams)

Christopher Walls, of Institutional Direct Inc., watches a monitor on the floor of the New York Stock Exchange, Tuesday, Feb. 27, 2007, in New York. Wall Street fell sharply, joining a global stock decline sparked by growing concerns that the U.S. and Chinese economies are cooling and that U.S. stocks are about to embark on a major correction. (AP Photo/Henny Ray Abrams)

BY KEN SWEET

U.S. stocks moved modestly higher in early trading Monday, rebounding after two days of heavy selling last week. Energy stocks continued to fall as the price of oil fell.

KEEPING SCORE: The Dow Jones industrial average rose 122 points, or 0.7 percent, to 17,250 as of 9:50 a.m. Eastern. The Standard & Poor’s 500 index rose 14 points, or 0.7 percent to 2,019 and the Nasdaq composite rose 31 points, or 0.6 percent, to 4,955.

OIL PROBLEMS: Crude oil continued to sell off, hitting levels not seen since the financial crisis. Crude oil was down 68 cents, or 1.8 percent, to $35.40 a barrel. Brent crude, which is used to price international oils, was down 69 cents, or 1.9 percent, to $36.18 a barrel.

Energy stocks continued to fade as a result, making it the only part of the S&P 500 that was lower. Newfield Exploration was down $1.48, or 5 percent, to $30.11. ConocoPhillips fell 93 cents, or 2 percent, to $44.99.

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