U.S. stocks pare losses as oil turns lower

Date: Tue, 12 Aug 2008 12:03:05 -0400

U.S. stocks pare losses as oil turns lower

U.S. stocks move mostly lower for the first session in three as
investors worry over J.P. Morgan's $1.5 billion write-down of
mortgage-related assets, with the gloom only partially lifted as oil
retreats to below $113 a barrel.

UBS reports further loss as wealthy clients withdraw money

Beleaguered Swiss bank reports a second-quarter loss of 358 million
francs ($331 million) and says it will restructure by separating its
investment banking and wealth management arms after nervous clients
withdrew more cash in the quarter.

Morgan Stanley to buy back auction-rate securities

Morgan Stanley says it will offer to buy back up to $4.5 billion of
auction-rate securities from retail clients, following similar
announcements from rivals.

Economic Report: U.S. trade deficit falls to $56.8 billion on record
exports

The U.S. trade gap narrows by 4.1% to $56.8 billion in June on record
exports and a decline in non-oil imports, according to the Commerce
Department's latest estimate.

Russia ending military operations in Georgia

Russian President Dmitry Medvedev orders an end to military operations
in Georgia, saying his country's actions have restored security for
civilians and peacekeepers in South Ossetia.