Business news for Mon, 31 Dec 2007 & with words action+francisco. 2 news.

SAN FRANCISCO (MarketWatch) -- The U.S. Federal Reserve added $17.5 billion in temporary reserves to the banking system Monday through overnight repurchase agreements, or repos, through the New York Fed's Open Market Desk. "The large operations this morning are intended to offset the drain to reserves arising from an elevated balance in the Treasury's account at the Fed," the New York Fed said in a statement on its Web site. The Fed injected $13.5 billion through a 4-day repo, and $4 billion through a 2-day repo. "Clearly the Desk is looking to provide a lot of liquidity into the system for the turn of the year," wrote analysts at Action Economics.

SAN FRANCISCO (MarketWatch) -- Energy stocks drifted slightly lower at the open Monday, the final session of 2007, amid sharply lower volume. Early action saw shares of Delta Petroleum Corp. jump as much as 24% to $19.30 a share after Kirk Kerkorian's Tracinda Corp. announced it was taking a 35% stake in the company at $19 a share. But the news failed to spur gains elsewhere in the group. The Amex Oil Index was off 0.2% at 1,574 points, the Philadelphia Oil Service Index was down 1% at 303, and the Amex Natural Gas Index was essentially unchanged at 580 points.