The Joplin Globe, Joplin, MO

Business

May 6, 2013

Stocks are little changed after record week

NEW YORK — Stock indexes were little changed in early Monday trading, following a record-setting week for the market.

The Dow Jones industrial average was down 4 points at 14,968 points an hour after the opening bell Monday, a decline of 0.2 percent.

The Standard & Poor’s 500 index rose one point to 1,615. The Nasdaq composite edged up six points to 3,384, an increase of 0.2 percent. Six of the 10 industry groups in the S&P 500 crept higher.

Few companies were reporting earnings Monday. Tyson Foods, the nation’s largest meat-processing company, fell 4 percent, the biggest drop in the S&P 500.  Tyson’s income dropped 42 percent as chicken feed costs rose and profits fell in its beef business. The company’s stock lost 94 cents to $24.

The stock market cleared new milestones Friday after the government reported that employers added more workers to their payrolls in recent months. The unemployment rate fell to 7.5 percent, the lowest level in four years.

The news sent the Dow through the 15,000 mark for the first time, while the S&P 500 closed above 1,600, another first.

Among other companies reporting quarterly results on Monday, Sysco posted net income and revenue that fell short of analysts’ estimates. The food distributor’s CEO said the company’s sales were held back by bad weather that made people less willing to spend on meals away from home. Sysco’s stock dropped 1 percent, or 34 cents, to $34.32.

In the market for U.S. government bonds, the yield on the 10-year note was 1.74 percent, unchanged from where it was trading late Friday.

 

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