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Apr 1, 2013
Wall Street at Close Report April 01, 2013.: U.S. stocks slip with manufacturing data; by Kate Gibson, MarketWatch.:
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — U.S. stocks lost ground on Monday, with two benchmark indexes retreating from record highs, after a closely watched manufacturing gauge unexpectedly declined in March.
Keep your eye on Apple stock
Steven Russolillo has three key stocks to keep an eye on for Monday's trading session, including Apple.
Separately, Markit’s reading of U.S. manufacturing in March came in at 54.6%, less than the 55% level analysts had expected.ç
Another report had construction spending climbing in February.
“The ISM number is a little bit of a disappointment. Construction is still good. Don’t fight the Fed on the construction front: they want to prop up the builder and that part of the economy,” said Nick Raich, chief executive officer at the Earnings Scout.
“Right now, it seems people are waiting for employment numbers and earnings season,” he added. The Labor Department will release its March report on nonfarm payrolls and the unemployment rate on Friday.
After rising as much as 27 points and falling as much as 47 points, the Dow Jones Industrial Average DJIA -0.04% ended down 5.69 points, or less than 0.1%, at 14,572.85.
Eighteen of its 30 components finished in the red, led by Intel Corp. INTC -1.85% , down 1.9%, and Hewlett-Packard Co. HPQ -2.22% , off 2.2%.
The S&P 500 index SPX -0.45% fell 7.02 points, or 0.5%, to 1,562.17, with industrials and technology hardest hit among its 10 major sectors.
After ending March at an all-time high, and recording its best quarterly rise in a year, the S&P 500 remains below its intraday high of 1,576.09.
The Nasdaq Composite index COMP -0.87% lost 28.35 points, or 0.9%, to 3,239.17 on Monday, as Apple Inc. shares AAPL -0.07% dropped 3.1%.
Decliners outpaced advancers by a more than 2-to-1 ratio on the New York Stock Exchange, where almost 560 million shares traded. Composite volume approached 2.7 billion.
The Chicago Board Options Exchange Volatility Index VIX +6.93% , which gauges the price of employing options as a hedge against losses in the S&P 500, leapt 7.3% to 13.63.
In corporate news, Dell Inc. DELL -0.21% warned it would be risky to take on a significant amount of debt and remain a public company given its darkening profit forecast. The comments made Friday, a holiday for Wall Street, were seen as signaling the computer maker considers bids from Blackstone Group LP BX -2.02% and billionaire investor Carl Icahn as potentially dangerous. Dell shares fell 0.2%.
Telsa Motors Inc. TSLA -0.07% jumped almost 16% after the electric-car maker projected a profitable first quarter, pointing to robust sales of its Model S sedan.
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EBay Inc. EBAY +2.75% climbed 2.8% after Canaccord Genuity Corp. upgraded shares of the online auctioneer to a buy rating and J.P. Morgan raised its price target to $64.
General Mills Inc. GIS -1.28% declined 1.3% after Morgan Stanley downgraded the food manufacturer to equalweight from overweight.
In a piece for the New York Times on Sunday, David Stockman, ex-budget director for President Ronald Reagan, said a market crash is just a few years away. The piece drew its share of detractors, including Princeton University economist and New York Times columnist Paul Krugman.
Kate Gibson is a reporter for MarketWatch, based in New York.
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