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NEW YORK (CNNMoney)
The S&P 500 pulled back a bit, after opening at a record high. The Dow Jones industrial average was also off a few points, while the Nasdaq held modest gains.
Investors jumped back into the market last week after the U.S. government reopened and lawmakers ended a budget showdown that threatened the nation's credit rating.
But the tone was more muted Monday as investors asses the economic damage caused by the shutdown and weigh the outlook for corporate earnings.
"The market will be looking for an excuse" to pull back by 1% or 2%, said Peter Cardillo, chief economist at Rockwell Global Capital. That excuse, he said, might be the October jobs report, which will be released Tuesday after being delayed by the partial government shutdown.
Related: Fear & Greed Index, back to greed
What's moving: McDonald's (MCD, Fortune 500) shares fell after the fast food chain reported earnings that met expectations, but global sales growth was tepid. Halliburto (HAL, Fortune 500)n shares fell after the oil field services company's earnings met expectations.
AT&T (T, Fortune 500) shares gained after the company announced over the weekend that it had inked a $4.8 billion lease deal with Crown Castle International Corp (CCI).
Netflix (NFLX) is among the companies slated to release quarterly results after the market closes.
Shares of JPMorgan Chase (JPM, Fortune 500) rose following news over the weekend that the bank and the Department of Justice have tentatively agreed to a $13 billion civil settlement to resolve several investigations into the bank's mortgage securities business.
Despite the record fine, the settlement would be a positive for the stock since it means JPMorgan can finally move beyond its legal woes, according to analysts at Biard Equity Research.
Apple (AAPL, Fortune 500) shares were up 2% one day before the company is expected to reveal its first revamped iPad in a year.
Related: Trading in your iPad? Don't wait
On the economic front, the National Association of Realtors said existing home sales fell 1.9% in September. The group said rising interest rates and the fallout from the government shutdown will weigh on the housing market in the months ahead.
European markets were mixed in midday trading. Asian markets closed higher Monday.
First Published: October 21, 2013: 9:43 AM ET
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