Stocks Lower in Early Trading
U.S. stocks turned lower during early trade on Monday after posting strong gains in the previous week which saw S&P rising to its highest level since 2007 and Dow Jones Index witnessing best weekly gain since December 2011 after better-than-expected ISM’s non-manufacturing index bolstered the market sentiment.
At last check, the Dow Jones Industrial Average Index edged down 0.50%; the Nasdaq Composite Index fell 0.45% while the S&P 500 Index lost 0.46%.
Bank of America Corp. (NYSE: BAC) edged up during early trade after the bank announced that it has agreed to pay $10 billion to government lending agency, Fannie Mae in order to settle claim. The agency had alleged that the bank had kept it in dark about the quality of loans which were sold by Countrywide Financials, a subsidiary of BofA, during the housing and credit boom.
Shares of Apple Inc. (NASDAQ: AAPL) slumped 1.75% after Barclays slashed its price target on the iPhone maker to $740 from $800. Apple’s stock has now plunged more than 25% after touching its all-time high of $705.07, hit on September 19 2012.
Shares of Amazon.com Inc. (NASDAQ: AMZN) climbed almost 4 percent after Morgan Stanley boosted its rating on the stock to “overweight” from “neutral”.
Elsewhere in Europe, all leading benchmark indexes were trading lower with Pan European Stoxx 600 Index down 0.38%, the FTSE 100 losing 0.39% while DAX edging lower 0.79%.
No major U.S. economic data is set for a release on Monday. Earnings season kickoff from Tuesday with aluminum behemoth Alcoa Inc. (NYSE: AA), scheduled to report quarterly results after the closing bell on Tuesday.
Congressional negotiations as to spending cuts and tax issues are once again heading towards policy logjam as both Senate minority leader Mitch McConnell and House Democrat leader Nancy Pelosi looked rigid over their party stance during their television appearance on Sunday.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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