By Dow Jones Business News, March 11, 2013, 11:16:00 AM EDT
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks on Monday wavered between small gains and losses after last week's record high
for the Dow Jones Industrial Average and as Chinese data disappointed.
The Dow industrials (DJI) rose 8.65 points, or 0.1%, to 14,405.83.
The S&P 500 index (SPX) slipped almost 1 point, or less than 0.1%, to 1,550.35, with telecommunications and technology
hardest hit and health care and financials the stronger performers among its 10 sectors.
The Nasdaq Composite (RIXF) lost 6.27 points, or 0.2%, to 3,238.09.
Investors considered economic reports from China, where data showed that consumer inflation jumped to 3.2% year-on-
year in February, up from 2% in January for the largest rise since April 2012. Part of the rise likely came from the
Lunar New Year holiday, which often produces a spike in prices for food and other goods. Other data showed industrial
product grew more slowly in January and February. Read: China's inflation climbs; other indicators soften.
"China's industrial production and consumer spending slowed and fell below estimates during February," Fred Dickson,
chief investment strategist at Davidson Companies, wrote in emailed research.
"China's inflation rose to a 10-month high. The data suggest a dilemma for China's new government leaders as they
indicated a month ago their intention to stimulate their economy when inflation was not a worry," he said. "The U.S.
stock market rally is extended and ripe for a minor profit-taking pullback," Dickson added.
Last week, the Dow set a string of record closing highs, while the S&P 500 Index ended Friday at 1,551.18, just 14
points from its record. See: Stocks up for week; S&P 500 near record.
Money continues to flow into exchange-traded products that track the S&P 500, a sign retail investors may be regaining
confidence. See: Investors flock to S&P 500 ETFs as record beckons.
For every three stocks rising four fell on the New York Stock Exchange on Monday, where 156 million shares traded as
of 11:10 a.m. Eastern. Composite volume reached 865 million.
Intrade halted trading, with the Irish online betting service saying it is looking into possible financial
Icahn Enterprises LP ( IEP ) said it signed a confidentiality pact with Dell Inc. ( DELL ), less than a week after
investor Carl Icahn joined those opposed to co-founder Michael Dell's plan to take the personal-computer maker private.
Shares of Dell gained 1% in early trade. Read: Icahn's firm signs confidentiality pact with Dell.
Shares of Genworth Financial Inc. ( GNW ) jumped 6.9% after Barron's reported the recently reorganized life insurer and
provider of mortgage securities could nearly double in the next year.
Dick's Sporting Goods Inc. ( DKS ) fell 8.6% after the retailer projected profit below expectations.
Best Buy Co. ( BBY ) gained 0.4% after an upgrade by Piper Jaffray. Kroger Co. ( KR ) shed 1.1% and Apple Inc. ( AAPL )
declined 1.2% after analyst downgrades.
European stocks traded lower. Ratings firm Fitch late Friday cut Italy's credit rating one notch to BBB-plus, citing
uncertainty in the wake of last month's inconclusive parliamentary elections. See: Italian bond yields edge higher after
After much stronger-than-expected labor-market data on Friday, February retail-sales figures are scheduled this week.
See: Consumers hold key to higher job growth.
Rival retailers and groups representing publishers and writers have joined to oppose Amazon.com Inc.'s ( AMZN ) request
to control certain Web domains, including .author, .book and .read. See: Amazon aim to conttol some domains is opposed:
Clothing retailer Urban Outfitters Inc. ( URBN ) is expected to report fourth-quarter earnings of 57 cents a share on
sales of $850.5 million, according to analysts polled by FactSet.
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