Investing.com - U.S. stocks finished lower on Monday despite better-than-expected retail sales data, as investors sold for profits after three weeks of gains.
At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.18%, the S&P 500 index ended flat, while the Nasdaq Composite index rose 0.06%.
Weeks of surprisingly strong monthly jobs reports, weekly jobless claims data and quarterly earnings have pushed stocks to the point that profit-taking kicked in on Monday.
Investors shrugged off better than expected retail sales figures and locked in gains and sold for profits.
The Commerce Department reported earlier that U.S. retail sales rose 0.1% in April, defying expectations for a 0.3% decline. March's figure was revised down to a 0.5% contraction from a 0.4% contraction.
Core retail sales, which exclude automobile sales, fell by 0.1% last month, in line with expectations.
The numbers sparked talk that the Federal Reserve may be closer to scaling back stimulus programs, especially its USD85 billion monthly bond-buying program.
Monetary stimulus measures tend to send stock prices rising by flooding the economy with liquidity to push down interest rates to encourage investing in job-creating capital expansion projects.
Leading Dow Jones Industrial Average performers included Pfizer, up 2.15%, JPMorgan, up 1.49%, and Microsoft, up 1.16%.
The Dow Jones Industrial Average's worst performers included Alcoa, down 1.84%, DuPont, down 1.79%, and Intel, down 1.67%.
European indices, meanwhile, finished largely lower.
After the close of European trade, the EURO STOXX 50 fell 0.28%, France's CAC 40 fell 0.22%, while Germany's DAX 30 finished down 0.01%. Meanwhile, in the U.K. the FTSE 100 finished up 0.10%.
On Tuesday, the U.S. is to publish official data on import prices.
At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.18%, the S&P 500 index ended flat, while the Nasdaq Composite index rose 0.06%.
Weeks of surprisingly strong monthly jobs reports, weekly jobless claims data and quarterly earnings have pushed stocks to the point that profit-taking kicked in on Monday.
Investors shrugged off better than expected retail sales figures and locked in gains and sold for profits.
The Commerce Department reported earlier that U.S. retail sales rose 0.1% in April, defying expectations for a 0.3% decline. March's figure was revised down to a 0.5% contraction from a 0.4% contraction.
Core retail sales, which exclude automobile sales, fell by 0.1% last month, in line with expectations.
The numbers sparked talk that the Federal Reserve may be closer to scaling back stimulus programs, especially its USD85 billion monthly bond-buying program.
Monetary stimulus measures tend to send stock prices rising by flooding the economy with liquidity to push down interest rates to encourage investing in job-creating capital expansion projects.
Leading Dow Jones Industrial Average performers included Pfizer, up 2.15%, JPMorgan, up 1.49%, and Microsoft, up 1.16%.
The Dow Jones Industrial Average's worst performers included Alcoa, down 1.84%, DuPont, down 1.79%, and Intel, down 1.67%.
European indices, meanwhile, finished largely lower.
After the close of European trade, the EURO STOXX 50 fell 0.28%, France's CAC 40 fell 0.22%, while Germany's DAX 30 finished down 0.01%. Meanwhile, in the U.K. the FTSE 100 finished up 0.10%.
On Tuesday, the U.S. is to publish official data on import prices.