Stocks drift in early trading

Written By limadu on Senin, 15 Juli 2013 | 23.11

Dow 1015

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NEW YORK (CNNMoney)

The Dow Jones industrial average added a handful of points, while the S&P 500 and the Nasdaq were flat.

The Chinese government said gross domestic product rose by 7.5% in the second quarter, matching official estimates. While growth was slower than the 7.7% rate in the first quarter, investors were relieved that Chinese GDP was not weaker than expected.

"The overall rate of GDP growth is a tinch disappointing, but the economy seems to be in far-from-desperate shape," said Carl Weinberg, chief economist at High Frequency Economics.

In the United States, retail sales rose 0.4% in June, the Census Bureau said Monday. That's a slowdown from a 0.6% rise a month earlier, and weaker than expected.

Separately, the New York Federal Reserve bank said its index of manufacturing activity in the region rose to 9.5 in July, from 7.8 in June.

Related: China's GDP growth slows to 7.5%

"Investors are keeping a watchful eye on economic data, not only for signs about the direction of the economy, but perhaps more importantly in a search for clues about the Fed's next steps," said Jim Baird, chief investment officer for Plante Moran Financial Advisors.

Federal Reserve chairman Ben Bernanke will be on Capitol Hill this week for his annual testimony on the economy. Bernanke gave the market a boost last week after he said U.S. monetary policy will remain "highly accommodative" for the foreseeable future.

U.S. stocks inched higher Friday. The slim gains were enough to send the Dow and S&P 500 to new record closing highs, and the Nasdaq to the highest level in over a decade.

What's moving? Shares of Leap Wireless International (LEAP) jumped 115% after AT&T (T, Fortune 500) said on Friday that it plans to acquire the prepaid wireless provider for about $1.2 billion.

Bank earnings remain in focus Monday. Citigroup (C, Fortune 500) reported quarterly net income of $4.2 billion, or $1.34 per share, driven by a jump in revenue and lower loan losses.

Shares of jeweler Tiffany & Co. (TIF) were up 3% after analysts at Stifel upgraded the stock.

Related: Fear & Greed Index gets greedy

Boeing's (BA, Fortune 500) stock edged up after British investigators said that a Dreamliner fire at London Heathrow Airport last Friday was not linked to its batteries, which have created problems in the past.

Major European markets gained less than 0.5% in morning trading, while the main Chinese markets ended with gains. The Shanghai Composite index and the Hang Seng index popped up by 1% and 0.1%, respectively.

In Japan, the Tokyo Stock Exchange was closed for a holiday. To top of page

First Published: July 15, 2013: 9:41 AM ET


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