Closing Update: Stocks Pause Following Big Gains Last Week as Traders Wait Out Yellen Testimony

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Stocks finished Monday little changed, picking up tepid support this afternoon to further erase earlier declines. With no new economic data and only a handful of companies reporting financial results, traders were unwilling to stake out large positions in either direction, instead waiting for new Federal Reserve Chair Janet Yellen to testify on monetary policy and the economy before the House Financial Services Committee. She'll return Thursday for a similar appearance before the Senate Banking Committee.

Sectors in the S&P 500 were split roughly equally between winners and losers, with shares of healthcare and utility stocks posting the best gains and reflecting the sector's cautious mood. Energy stocks fell over 0.5% as a group while crude oil futures again cracked the $100 per barrel mark, with the March contract adding 18 cents to settle at $100.06 per barrel.

Shares of consumer discretionary companies also were broadly lower, including a 1% drop for McDonalds ( MCD ) after the fast-food restaurant chain reported a 3.3% decline in U.S. sales last month.

In commodities trading, April gold rose $11.90 to $1274.80 per ounce while March silver climbed 19 cents to $20.12 per ounce. March copper slipped 1 cent to $3.23 per pound.

Here's where the markets stood at end-of-day:

Dow Jones Industrial Average 7.71 (+0.05%) to 15,801.79

S&P 500 2.82 (+0.16%) to 1,799.84

Nasdaq Composite Index 22.31 (+0.54%) to 4,147.97

GLOBAL SENTIMENT

Hang Seng Index down 0.27%

Shanghai China Composite Index up 2.03%

FTSE 100 Index up 0.30%

UPSIDE MOVERS

(+) HWG, Settles a class-action lawsuit by offering plaintiffs a larger share of its newly-created company.

(+) YOD, Video service touted as the "Netflix of China" in Seeking Alpha article.

(+) DAVE, Dumped its CEO and forecast a small increase in Q4 revenue over year-ago levels.

DOWNSIDE MOVERS

(-) BWP, Missed earnings estimates by $0.22 per share and cut its quarterly distribution by 81%.

(-) MDCO, FDA analysts decline to endorse the company's blood-clotting drug.

(-) SOHU, Reported below consensus Q4 revenue and guidance



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: MCD

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