Stocks Fall in Monday Trading
Wall Street came off of a five year high on Monday, posting mild losses ahead of earnings season. The decline following last week’s strong gains was no surprise, with Alcoa Inc. (AA) kicking off what could be a dicey earnings season after the bell tomorrow. It was a quiet start to the week on the economic front, actually it is a quiet economic week. Earnings will be the main market driver until attention shifts to the looming debt ceiling debate. By Monday’s close, the Dow Jones Industrial Average dropped 50.92 points, or 0.4%, to end at 13,384.29. The S&P 500 index fell 4.58 points, or 0.3%, to end at 1,461.89, with utilities and energy leading the declines and health care and telecommunications faring best among its 10 major sectors. The Nasdaq Composite index declined 2.84 points, or 0.1%, to 3,098.81.
Crude settled at its highest level since mid-October. February crude oil rose 10 cents, or 0.1%, to settle at $93.19 a barrel on the New York Mercantile Exchange. Gold declined for the third consecutive session as the precious metal fell $2.60, or 0.2%, to settle at $1,646.30 an ounce.