NEW YORK — Wall Street gave up a moderate gain in late trading and closed marginally lower Monday after the Federal Reserve and other central banks added more cash to their banking systems, helping investors set aside some concerns about credit tightness.

The New York Fed, which carries out the central bank's market operation, minutes after the opening bell announced $2 billion in overnight repurchase agreements.

The Fed's "repo" follows a move by the Bank of Japan to put $5 billion into the markets and an addition by the European Central Bank of $65.3 billion; the ECB added more than $200 billion last week. The moves, following similar injections by the Fed last week, appeared to placate Wall Street for now and allowed it to focus on a week of fresh economic data. Since Thursday, the Fed has added $62 billion in liquidity.

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CONSUMER RETAIL SPENDING UP SLIGHTLY

WASHINGTON — Consumers went shopping for everything from clothes to furniture last month, helping to calm fears that a key segment of the economy might be faltering.

Retail sales rose 0.3 percent in July, the Commerce Department said Monday in a report that showed strength in a wide array of areas outside of autos.

The rebound came after a 0.7 percent decline in June, the sharpest decline in 16 months. It was originally reported as an even larger 0.9 percent fall and had raised concerns that soaring gasoline prices and a slumping housing market were beginning to take their toll on consumer spending, which is closely watched by economists because it accounts for two-thirds of the total economy.

Analysts took heart from the July rebound.

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BANKS TIGHTENING STANDARDS FOR SUBPRIME LOANS

WASHINGTON — A majority of the nation's banks have tightened lending standards on subprime mortgages, the Federal Reserve said Monday in a survey that provided further evidence of spreading problems.

Over half of banks responding to a Fed survey reported they had tightened their lending standards for subprime mortgages, loans offered to borrowers with weak credit histories, according to the Fed.

Also, nearly half the banks responding said they had tightened loan standards for so-called nontraditional mortgages, the survey found. The Fed defines this category as adjustable-rate loans with multiple payment options, interest-only mortgages and products referred to as "Alt-A" loans with features such as limited verification of incomes.

The Fed survey found that even on prime loans, which offer traditional payment options, such as 30-year mortgages to borrowers with strong credit histories, slightly more than 10 percent said they had tightened lending standards in the past three months while none reported easing standards.

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GOLDMAN HEDGE FUND GETS $3 BILLION BOOST

NEW YORK — Goldman Sachs Group said Monday it is leading a group of investors including Maurice "Hank" Greenberg and Eli Broad in injecting $3 billion into a Goldman hedge fund that lost about 28 percent of its value last week.

The investment bank said its Global Equity Opportunities fund, one of its largest hedge funds, "suffered significantly" as global markets sold off on worries about debt and credit, dragging its value down to $3.6 billion, from about $5 billion last month.

Goldman Sachs will invest $2 billion. Other investors will contribute about $1 billion to the fund, whose computer-driven "quantitative" investment strategies were disrupted by triple-digit swings in the financial markets.

Joining Goldman in the infusion were Greenberg, former chairman of American International Group, and Broad, a California real estate developer who helped found SunAmerica and later sold it to AIG. Hedge fund Perry Capital LLC, which is run by a former Goldman Sachs equity trader, is also an investor.

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EX-ADELPHIA EXECS HEAD TO PRISON

RALEIGH, N.C. — After fighting one of the nation's largest corporate fraud cases, former Adelphia Communications executives John and Timothy Rigas reported Monday to a federal prison in North Carolina.

Adelphia founder John Rigas and his son Tim, the company's former chief financial officer, were convicted in 2004 on multiple charges of securities fraud, conspiracy to commit bank fraud and bank fraud, but had remained free while their appeals navigated the court system.

In June, U.S. District Judge Leonard Sand rescinded the order allowing them to remain free, giving the father and son until Aug. 13 to report to prison. John Rigas, 82, was sentenced to 15 years and Timothy Rigas, 51, to 20 years for their role in the collapse of one of the nation's largest cable television companies.

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BLACKSTONE PROFIT TRIPLES

NEW YORK — Blackstone Group L.P. said Monday its profit tripled in the second quarter, as it assured investors it would have no problem finding financing for more of its blockbuster buyouts.

The New York-based investment partnership's shares, which have been battered since a late-June initial public offering, recovered modestly on Monday.

Blackstone had been caught in concerns that private equity buyout shops — which buy and revamp companies using borrowed money — could face leaner days following a frenetic buyout boom.

A global flight to safer investments, triggered by decaying credit quality, has siphoned away many of the dollars that lenders formerly used to finance private equity deals.

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MAJOR WORLD MARKETS BOUNCE BACK

LONDON — Major world markets rebounded Monday, regaining some territory lost in a global plunge last week, as central banks continued a steady supply of liquidity to soothe rattled investors.

Minutes after the opening bell rang for U.S. stock trading, the Fed said that it would add at least $2 billion in liquidity in a one-day repurchase.

The European Central Bank, which injected another 47.67 billion euros ($65.3 billion) into the banking system to ease fear in the credit markets, said conditions were "normalizing" — but some analysts said the bounce could be short, with continuing worries about a credit crunch.

The Bank of Japan also acted again, injecting 600 billion yen ($5 billion) into money markets to try to bring more stability to the markets.

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EDWARD A. MUELLER NAMED NEW HEAD OF QWEST

DENVER — Former Williams-Sonoma Inc. CEO Edward A. Mueller said Monday he plans to focus on fundamentals, especially customer service, as the new head of Qwest Communications International Inc.

Mueller, who will replace retiring Chairman and Chief Executive Officer Richard C. Notebaert, also said he has no plans to make major changes, such as a merger or acquisition. Mueller noted that the Denver-based telecom has worked hard in the last five years to pull itself out of financial trouble.

Qwest named Mueller, 60, as CEO late Sunday. It's a familiar position for Mueller, who followed Notebaert as chairman of Ameritech Corp. before its merger with SBC Communications Inc., Janco Partners analyst Donna Jaegers said Monday.

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SEARS PLANS STOCK BUYBACK

HOFFMAN ESTATES, Ill. — Sears Holdings Corp. narrowed its second-quarter earnings guidance Monday and announced its second major share buyback program in a month.

The retailer, which owns Sears and Kmart stores, said it expects profits of $170 million to $185 million, or $1.13 to $1.23 per share, as it struggles with higher markdowns and sluggish sales. Last month, Sears said it anticipated earnings between $160 million and $200 million. Analysts surveyed by Thomson Financial predicted a profit of $1.13 per share.