After holiday weekend, U.S. markets go back to considering global troubles.
April 12, 2004: 5:55 AM EDT
NEW YORK (CNN/Money) - The long holiday weekend didn't chase away the things that have concerned the markets over the past few weeks, with Iraq, the Sept. 11 attacks and high gas prices among the factors confronting stocks early Monday.
In the hours before the open, futures pointed to a flat start for the major indexes.
The taking of hostages by insurgents in Iraq is the latest twist in the U.S.-led coalition's effort to restore stability. Although one Briton was released Sunday, at least one American and three Japanese hostages were still believed to be held in the latest tactic used against the Americans.
Over the weekend, the Bush administration released a previously classified memo issued about a month before the Sept. 11, 2001, terrorist attacks on New York and Washington. The memo gives some general information about the threat of an al Qaeda attack. President Bush, in Texas visiting U.S. soldiers for Easter, said the memo contained no "actionable intelligence."
But the controversy about what the administration knew prior to the attacks will continue to shroud the markets, with the commission looking into the attacks scheduled to hold more public hearings Tuesday and Wednesday.
Gas prices, as measured by the bi-weekly Lundberg survey, hit a record near $1.80 a gallon for self-serve regular. The continued rise in oil prices could put a damper on consumer spending on anything other than a fill-up at the pump.
The Dow Jones industrial average ended last week slightly lower after dropping 0.4 percent Thursday. The Nasdaq composite index was also down for the week despite a modest 0.1 percent advance to end the week (see chart for details). Markets were closed for Good Friday.
Asian-Pacific stocks ended mostly higher, with Tokyo's Nikkei index up 1.2 percent. Major European markets were closed for the Easter holiday. (Check the latest on world markets)
Treasury prices fell in early trading, sending the 10-year note yield up to 4.22 percent from 4.18 percent late Thursday. The dollar edged lower against the yen, and was little changed versus the euro.
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