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NEW YORK (CNNMoney)
The Dow Jones Industrial Average edged up, while the S&P 500 was little changed and the Nasdaq dropped 0.1%.
The subdued trading comes after stocks wrapped one of the best weeks of the year Friday, with the Dow closing at a record high for the fourth straight day. The S&P is less than 1% from hitting its all-time high.
Stocks have been propelled higher by a string of strong economic reports.
So far this year, the S&P 500 has suffered losses on only 17 trading days, notes John Stoltzfus, chief market strategist at Oppenheimer.
Last week's rally, driven by strong jobs data, "kept the bull market on a tear and pushed more than a few bears nearer toward capitulation," Stoltzfus wrote in a note to clients.
But many analysts say a pullback is likely.
"At some point, likely sooner than later, a piece of negative news or some data point will trip the Bull up," wrote Stoltzfus.
Historically, stocks have been flat to modestly lower two months after hitting a record high, according to BTIG chief global strategist Dan Greenhaus.
That may not be a bad thing, considering stocks have gained roughly 15% from the lows hit last November, said Greenhaus. "Is a flat-to-down two months really so bad? We don't think so," he wrote in a client note.
Related: Bank stocks still 50% below all-time highs
Investors have been encouraged by better-than-expected economic data and signs the Federal Reserve will keep its stimulus policies in place for some time. That has largely trumped concerns about U.S. fiscal policy, although the market remains vulnerable as officials in Washington remain at odds over the budget.
"We continue to look for headlines surrounding the consequences of sequestration and the upcoming Continuing Resolution deadline, which could add to market volatility this week," said Bill Stone, chief investment strategist at PNC Wealth Management.
Meanwhile, this week's main focus will be on retail sales, as investors look for further signs of strength.
The numbers, due out Wednesday, will be even more closely watched than normal as investors are keen to see whether the increased payroll tax, delayed tax refunds and higher gas prices have caused consumers to pull back. February sales are expected to have risen 0.5%, according to economists polled by Briefing.com.
Wal-Mart (WMT, Fortune 500) warned last month that February sales had been softer than expected.
On the corporate front Monday, shares of Dick's Sporting Goods (DKS, Fortune 500) fell more than 9% after the retailer reported earnings and sales that fell short of forecasts. The company also said it expected a sharp slowdown in same-store sales for the first quarter.
Renren (RENN) easily beat revenue forecasts, sending shares of the Chinese social media company up nearly 2%.
Billionaire investor Carl Icahn signed a confidentiality agreement with Dell (DELL, Fortune 500)to review the PC maker's financial information, a move that could head off a showdown over Michael Dell's buyout.
Shares of Genworth Financial (GNW, Fortune 500) rose 6% after an article in Barron's called the stock undervalued.
General Electric (GE, Fortune 500) named former SEC chairman Mary Schapiro to its board of directors.
Related: Fear & Greed index moves deeper into extreme greed
European markets were mixed in afternoon trading, while Asian markets ended mixed.
Overall, global markets have been joining in the rally, with Japan's Nikkei surging 18% so far this year.
"Japan's economy seems to be on the mend, though it is really too early to attribute it to Abenomics," said Chandler, referring to Japanese Prime Minister Shinzo Abe and his plans for economic stimulus.
Hong Kong's Hang Seng was flat, dragged down by concerns over Chinese manufacturing.
The dollar rose against the British pound and the Japanese yen, but fell against the euro, .
Oil prices dropped, while gold prices moved slightly higher.
The price on the 10-year Treasury edged lower, pushing the yield up to 2.06%.
First Published: March 11, 2013: 9:41 AM ET
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