US markets end with moderate loss

CNBC's Margaret Brennan - Oil prices climbed higher in an early rally in financial stocks wilted mid-day. By the closure Dow was down 29 poitns, the Nasdaq closed lower by 3.25 points.

Bank of America, the country’s largest retail bank reported that profit fell 41% from a year ago but the bank still managed to be Wall Street’s expectations, so fourth of the nations five largest banks to top earnings forecast joining Citigroup, JP Morgan Chase and Wells Fargo. Citigroup was the only one in the bunch to close higher up nealry 2% on Monday.

After last week’s decline the price of oil is back up as tropical storm Dolly moves into the Gulf of Mexico. The storm raises concerns of disruptions to oil and gas production in the Gulf, crude oil have settled above USD 131/bbl up more than USD 2/bbl.

Shares of Exxon Mobil and Chevron also gained. The retail shares saw some profit taking on the news of Wal-Mart and Target losing more than 1%.

Wall Street action
US mkts give up early gains, close lower
Dow and Nasdaq marginally lower
S&P 500 closes flat
Impact of better than expected results from Bank of America offset by pharma news
Citigroup closes nearly 2% up    
Supply disruptions from the Gulf of Mexico pushes up crude prices by $2/bbl
Crude steady above $131/bbl
Chevron & Exxon Mobil gain on higher crude prices
Retail sees profit taking on news of Wal-Mart losing more than 1%