Stocks trade in tight range on mixed bank news

NEW YORK – The stock market traded in a tight range Monday following mixed news about banks.

Investors remained concerned about civil fraud charges against Goldman Sachs Group Inc. but profits at Citigroup Inc. came in better than expected.

A jump in the Conference Board's index of leading economic indicators buoyed the market. The report signals that economic activity will strengthen in the next three to six months.

The Conference Board's leading indicators index rose to 1.4 percent for March. Economists had predicted growth of 0.9 percent.

Asian markets fell in their first trading since the Securities and Exchange Commission brought civil fraud charges Friday against Goldman Sachs. World markets are also being hurt by new measures in China to curb speculative real estate investing.

China said over the weekend it would take more steps to curb real estate prices, which have been rising sharply for months. The government is concerned about speculative bubbles in its fast-growing economy.

New restrictions could include clamping down on lending to buyers who already own at least two homes. In recent months, China has increased the minimum amount of money banks must hold to slow down lending.

In the U.S., investors are concerned about potential repercussions tied to the charges against Goldman. The civil suit comes just as Congress is taking up a bill to overhaul regulation of the financial industry. The measures could extend to the types of risky securities at the center of the Goldman case.

In midmorning trading, the Dow Jones industrial average rose 8.92, or 0.1 percent, to 11,027.58. The Standard & Poor's 500 index rose 0.26, or 0.1 percent, to 1,192.39, while the Nasdaq composite index fell 3.97, or 0.2 percent, to 2,477.29.

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