Stocks Rise as Awful Quarter Ends

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The new orders rose to 53.9 from 48.8, while prices paid climbed to 83.9 from 79.4. While coming in better than expected, the index has been below the 50 point neutral reading for three straight months.

The Chicago survey is the first of a raft of new data that will be pored over for clues about whether the U.S. has entered a recession. The ISM's index of manufacturing activity, due out on Tuesday, and the ISM’s nonmanufacturing gauge, on tap for Thursday, will be watched particularly closely, but Friday's nonfarm payrolls and unemployment rate for March are seen as the most important.

On Wednesday, Fed Chairman Ben Bernanke will testify before the Senate's Joint Economic Committee on the economic outlook. In his first public appearance since the collapse of Bear Stearns (BSC) and the Fed’s Mar. 18 rate cut, Bernanke will get to explain more fully the Fed’s latest innovative policy moves and its thinking in handling the mess at Bear.

May WTI crude oil futures plunged $4.07 to $101.55 per barrel amid renewed speculation the slowing U.S. economy will spread, reducing demand for commodities, particularly oil. Violence has been reduced in much of Iraq. While the flow of Iraqi oil exports from Basra is returning to normal, analysts said the market remained uneasy about security in the Middle East as well as threats of further supply disruptions. Meanwhile, oil industry unions in Gabon have threatened a nationwide strike if they fail to reach a deal to end a stoppage at Shell's subsidiary in the country, where 60,000 barrels per day is shut.

Comex June gold futures fell $15.00 to $921.50 per ounce Monday afternoon as the dollar and U.S. stocks rose on the final day of the first quarter.

Among the other stocks in the news on Monday, Ansoft Corp. (ANST) agreed to be acquired by Ansys Inc. (ANSS) for about $832 million in cash and stock. Ansoft shareholders would receive $16.25 in cash and 0.43 shares of Ansys for each Ansoft share held. Anspft shares rose 30.5%.

Altria Group (MO) completed its spin-off of Philip Morris International. Altria shareholders received one share of Philip Morris (PM) stock for every share of Altria they held. Philip Morris shares begin trading on the New York Stock Exchange today.

Gilat Satellite Networks Ltd. (GILT)agreed to be acquired by a consortium of private equity investors in a deal worth $475 million, under which shareholders would receive $11.40 in cash for every share of Gilat they own.

European stock markets were mixed on Monday. In London, the FTSE 100 index was up 0.16% at 5,702.10. In Paris, the CAC 40 index was higher by 0.24% at 4,707.07. Germany’s DAX index fell 24.93 points, or 0.38%, to 6,534.97.

Asian markets weakened overnight. Japan’s Nikkei 225 index dropped 2.30% to 12,525.54. The Hang Seng index in Hong Kong shed 1.88% of its value to trade at 22,849.20.

Treasury market

Treasuries rose slightly on Monday. The 10-year note added 04/32 to 100-21/32 for a yield of 3.42%, while the 30-year bond gained 03/32 to 101-10/32 for yield of 4.30%.