CLOSING MARKET REPORT
Wall Street ends flat amid Lehman vigil, oil a boost

* Financials drop as investors fret about Lehman
* Paulson 'adamant' no govt money in any Lehman deal
* Higher oil prices drive up energy shares
* August retail sales fall, but Sept consumer mood rises
* Dow off 0.1%, S&P up 0.2%, Nasdaq up 0.1%

NEW YORK - US stocks closed little changed on Friday in day of whipsaw moves as uncertainty over the fate of troubled investment bank Lehman Brothers kept investors anxious about the health of the US financial system.

But shares of natural resource companies and utilities gained as commodity prices rose, offsetting losses among financial and bank shares.

All three major indexes managed to finish the week higher.

Concerns about American International Group's large exposure to mortgages pushed the insurance company's shares down more than 30 per cent on Friday, making it the top drag on the Dow and S&P.

Lehman shares tumbled to a 14-year low amid uncertainty about what form a possible deal to rescue the firm would take, especially after a source said the Treasury was reluctant to provide financial backing in any deal.

A 5 per cent slide in General Electric (GE) shares added to the negative tone as investors feared the impact of ongoing financial sector turmoil on the conglomerate, which has a finance arm and commercial real estate interests. GE shares were a top drag on the Dow, falling to US$26.75.

The Dow Jones industrial average was down 11.72 points, or 0.10 per cent, at 11,421.99. The Standard & Poor's 500 Index was up 2.64 points, or 0.21 per cent, at 1,251.69. The Nasdaq Composite Index was up 3.05 points, or 0.14 per cent, at 2,261.27.

Source: Singapore Business Times - 13 Sep 2008