In other news, Wall Street rallied on a Labor Department report that showed the U.S. economy lost fewer jobs than expected in July, and President Obama signed a $2 billion extension of the "cash for clunkers" incentive program.

Florida U.S. Senate hopefuls Democrat Betty Castor and Republican Mel Martinez faced off in their first debate Monday, clashing over terrorism, Iraq, Social Security, prescription drugs and abortion.

George W. Bush has selected Mel Martinez, the Cuban-born chairman of Orange County, Florida, to serve as Secretary of Housing and Urban Development.