The Joplin Globe, Joplin, MO

Business

August 5, 2013

Stocks flounder on a quiet day on Wall Street

NEW YORK — U.S. stocks were slipping Monday at the start of a quiet August day on Wall Street.

There was little data to trade on, other than a report from the Institute for Supply Management that the U.S. service sector expanded in July, helped by a rise in new orders.

It was the latest piece of data that economists and investors are puzzling through as they try to judge how well the U.S. economy is doing.

Last Thursday, the ISM reported that manufacturing increased last month. That sent stocks higher. The next day, the government reported that jobs were not being created as quickly as economists had predicted.

In Monday morning trading, the Dow Jones industrial average was down 36 points, or 0.2 percent, to 15,621. The Standard & Poor’s 500 index was down two points, or 0.1 percent, to 1,707. The Nasdaq composite index slipped three points, or less than 0.1 percent, to 3,687.

Among stocks making big moves:

—Revlon jumped after announcing that it will buy Colomer Group, which sells hair dye and other products to beauty salons. Revlon rose $1.86, or 7.6 percent, to $26.36.

—Tyson Foods, the nation’s biggest meat producer, jumped after announcing that its quarterly profits more than tripled. Tyson rose 86 cents, or 3 percent, to $29.34.

—Kraft Foods slipped after a Jefferies analyst cut his rating on the stock to “hold” from “buy,” saying the stock had gotten too expensive. Kraft fell $1.11, or 2 percent, to $56.39. It’s still up 24 percent this year.

 

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