NEW YORK (AP) – The summer doldrums settled into Wall Street Monday as the rising price of oil wiped out a moderate early advance and sent stocks into negative territory. News of several major acquisitions carried some stocks higher.

Analysts said that with many traders on vacation and no economic news to guide the market, stocks were particularly vulnerable to concerns about higher oil costs and the effect of rising interest rates on the economy.

“As the market goes higher with two major headwinds -oil and interest rates – you’re going to have some profit taking,” said Bill Strazzullo, chief market strategist at State Street Global Markets.

Crude oil futures pushed higher amid news that sabotage cut power to Iraq’s only functioning oil-export terminals early Monday, halting shipments there.

A barrel of light crude was quoted at $66.10, up 75 cents on the New York Mercantile Exchange.

Stock trading volume was light, which tends to exaggerate the swings in the major indexes.

In early afternoon activity, the Dow Jones industrial average fell 19.43, or 0.18 percent, to 10,539.80 after being up nearly 82 points in morning trading.

Broader stock indicators were lower after also giving up ground. The Standard & Poor’s 500 index declined 2.04, or 0.17 percent, to 1,217.67, and the Nasdaq composite index slipped 3.07, or 0.14 percent, to 2,132.49.

Bonds fell, with the yield on the 10-year Treasury note rising to 4.22 percent after finishing unchanged at 4.21 percent on Friday. The U.S. dollar was mixed against other major currencies in European trading, while gold prices climbed higher.

With no new economic data, Monday’s spate of merger news lightened the mood on Wall Street, which has been searching for signs of confidence in the economy.

Takeover shopping is often a signal that companies are feeling optimistic about business not only in the coming months, but over the next few years.

The day’s acquisitions were led by a $4.2 billion offer from China National Petroleum Corp. for Canadian oil producer PetroKazakhstan Inc., as Chinese companies continue their buying spree of energy assets worldwide.

PetroKazakhstan shares jumped $8.52 to $53.92.

Maytag Corp. signed a formal agreement to be acquired by rival appliance maker Whirlpool Corp. for more than $1.7 billion in cash and stock. However, Maytag fell 5 cents to $18.66, while Whirlpool skidded 78 cents to $81.05 as the bidding war for Maytag ended.

Additionally, OSI Pharmaceuticals Inc., a drug maker focused on cancer treatments, said it is buying Eyetech Pharmaceuticals Inc. for nearly $1 billion.

Late Sunday, OSI said it agreed to buy Eyetech for $20 per share, a 20 percent premium to Eyetech’s Friday closing price. OSI said acquiring Eyetech, which makes treatments for eye diseases, should fatten earnings for the next four years beginning in 2006.

Eyetech shares surged $4.09, or 29.2 percent, to $18.08, while OSI fell $8.78, or 21.6 percent, to $31.99.