- POSTED: 07 Jan 2014 06:06
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US stocks Monday finished lower amid mixed US economic data to kick off the first full week of trade of 2014.
NEW YORK: US stocks Monday finished lower amid mixed US economic data to kick off the first full week of trade of 2014.
The Dow Jones Industrial Average fell 44.89 (0.27 per cent) to 16,425.10.
The broad-based S&P 500 declined 4.60 (0.25 per cent) to 1,826.77, while the tech-rich Nasdaq Composite Index gave up 18.23 (0.44 per cent) at 4,113.68.
Peter Cardillo, chief market economist at Rockwell Global Capital, said investors were somewhat disappointed by a report showing slowing growth in the service sector in December.
On the flip side, Cardillo pointed to a strong report on new factory orders, which in November reached their highest level since 1992.
Cardillo said the market is unlikely to record major moves before Wednesday's release of the minutes from the Federal Reserve's December meeting, and Friday's monthly jobs report.
"What we're seeing is basically a market that's on hold," Cardillo said.
Social networking company Twitter fell 3.9 per cent after a Morgan Stanley report said Google and Facebook offered a better investment on Internet advertising at current valuations. Google rose 1.2 per cent, while Facebook gained 4.8 per cent.
Internet radio company Pandora shot up 14.1 per cent on company data showing its share of the total US radio audience rose to 8.6 per cent in December from 7.6 per cent a year earlier.
Dow component Boeing rose 0.6 per cent after announcing that it reached records in 2013 for deliveries and unfilled orders for commercial aircraft. The news followed a vote Friday by a key Boeing labour union to approve an eight-year contract at its major production site in Washington state.
Satellite broadcaster Sirius XM Holdings jumped 7.3 per cent following a proposal by Liberty Media to purchase the Sirius shares it does not already own in a deal worth some US$10 billion. Liberty Media fell 2.2 per cent.
Wireless carrier T-Mobile USA rose 3.7 per cent after announcing a deal worth US$3.3 billion with Verizon Wireless to acquire low-band spectrum to strengthen its coverage in major urban areas. Dow component Verizon Communications increased 0.6 per cent.
Retailer Men's Wearhouse rose 2.2 per cent after launching a hostile bid to acquire rival Jos. A. Bank at US$57.50 per share, up from a November offer of US$55 per share. Jos. A. Bank jumped 4.5 per cent.
Bond prices rose. The yield on the 10-year US Treasury dipped to 2.96 per cent from 3.00 per cent Friday, while the 30-year declined to 3.90 per cent from 3.93 per cent. Bond prices and yields move inversely.