U.S. stocks ended narrowly mixed Monday, with the Dow Industrials holding on to a small gain, but the broader S&P 500 and Nasdaq Composite under water after November pending home sales rose less than expected, according to a National Association of Realtors report on Monday.
Contracts to purchase previously owned U.S. homes increased 0.2% last month, lagging the 1% rise that market experts polled by Bloomberg were expecting. The industry group also said October sales fell more than first reported, declining 1.2%. Both figures rekindled fears that Federal Reserve plans to cut back on its bond-buying program and the subsequent rise in interest rates could stall a recovery for the residential real estate market.
Industry sectors in the S&P 500 were split roughly equally between winners and losers, with the best gains coming among shares of consumer discretionary and basic materials companies. Consumer staple, utility and health care stocks -- traditionally seen as defensive sectors -- also are posting small gains.
Commodities
Energy stocks were lower, matching declines in crude-oil and natural-gas futures in commodities trade. Crude oil for February delivery dropped $1.03 at $99.29 per barrel while February natural gas was down 6 cents to $4.43 per 1 million BTU. Metals also were lower Monday, with February gold slipping $10.60 to $1203.70 per ounce while March silver declined 43 cents to $19.63 per ounce. Copper was little changed at $3.38 per pound.
Here's Where The U.S. Markets Stood At Day's End
Dow Jones Industrial Index up 25.94 (+0.16%) to 16,504.35
S&P 500 down 0.32 (-0.02%) to 1,841.08
Nasdaq Composite Index down 2.40 (-0.06%) to 4,154.20
GLOBAL SENTIMENT
- Hang Seng Index up 0.01%
- Shanghai China Composite Index down 0.18%
- FTSE 100 Index down 0.29%
UPSIDE MOVERS - (+) ELMD, Receives FDA market clearance for its next-generation SmartVest Airway Clearance System, a high-frequency chest wall oscillation device for people with cystic fibrosis and other breathing difficulties.
- (+) KNDI, Shares climb to all-time record after Forbes magazine publishes positive weekend article about the company's electric car-sharing project in the Chinese city of Hangzhou, adding to recent momentum.
- (+) CTB, Reverses earlier declines that followed the tire company scrapping a proposed $2.5-bln buyout by Apollo Tyres, saying financing for the deal is no longer feasible after a valuation disagreement with its Indian rival.
DOWNSIDE MOVERS - (-) MYGN, The Center for Medicare and Medicaid Services confirms reimbursement cuts for the company's genetic tests for breast-cancer vulnerability. JMP Securities and Mizuho both downgrade the stock; Piper Jaffray and Leerink Swann cut price targets.
- (-) WPCS, Receives notice of resignation from CohnReznick LLP, the company's independent registered public accounting firm.
- (-) WFC, Resolves dispute with Fannie Mae (FNMA) over repurchase demands on loans originated prior to 2009, making a one-time cash payment of $541 mln to FNMA. FNMA shares were higher Monday.
After Hours Stock News From Midnight Trader.
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