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March 11, 2013

Stocks slip early Monday after record week

From The Associated Press

NEW YORK — Coming off a record week, the stock market is drifting lower in light trading Monday.

The Dow Jones industrial average fell two points to 14,395. That’s a drop of less than 0.1 percent. Intel led the Dow lower, slipping 1 percent.

Last week, the blue-chip index posted four straight days of record highs after blowing past its all-time high on Tuesday. It ended the week up 2 percent.

There were no major economic reports to drive trading on Monday. Later in the week, the government will release figures for the federal budget in February, as well as reports on consumer prices and industrial production.

The Standard & Poor’s 500 index fell three points, or 0.2 percent, to 1,548. The Nasdaq composite dropped seven points, also 0.2 percent, to 3,238.

Of the 10 industry groups in the S&P 500 index, telecom and energy companies dropped the most, slipping almost half a percent.

The S&P 500 index is now trading around 15 points, or 1 percent, short of its all-time closing high of 1,565.

In the Treasury market, the yield on the benchmark 10-year Treasury note was 2.04 percent, unchanged from late Friday.

On Friday, the Labor Department said that U.S. employers added 236,000 workers to their payrolls in February, pushing the unemployment rate down to 7.7 percent, the lowest since December 2008.

 

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