Agence France-Presse
8:09 am | Tuesday, December 31st, 2013
NEW YORK—The Dow Jones Industrial Average Monday kicked off a holiday-shortened week with a new record high, even as the other two indices stalled in sluggish trade.
The Dow jumped 25.88 points (0.16 percent) to 16,504.29, its fourth record close in the last five sessions and the 51st record close of 2013.
The broad-based S&P 500 slipped 0.33 (0.02 percent) to 1,841.07, while the tech-rich Nasdaq Composite gave up 2.40 (0.06 percent) at 4,154.20.
“With a lot of people out, it probably will be a fairly quiet week,” said William Lynch, director of investment at Hinsdale Associates.
The Dow has risen about four percent since the US Federal Reserve announced on December 18 that it plans to scale back its stimulus in January.
With so many investors out and not many major economic releases this week, “there will be a lot of consolidation,” Lynch predicted. “The market won’t go much higher.”
US pending home sales rose 0.2 percent in November, the first rise in five months, but below the 1.5 percent increase projected by analysts.
Economic releases later this week include reports on home prices and consumer confidence.
Cooper Tire & Rubber rose 5.4 percent after announcing it had ended a proposed merger with India’s Apollo Tyres. The deal, announced in June, became bogged down in legal sniping related to labor problems within Cooper’s US and Chinese operations.
Footwear maker Crocs gained 21.1 percent after announcing that Blackstone Group is investing $200 million in the company and taking a 13 percent stake. Crocs plans a $350 million stock repurchase program.
Hewlett-Packard declined 0.4 percent after it disclosed in a securities filing that the company is in “advanced discussions” to settle foreign-bribery investigations into its operations in Russia, Poland and other countries.
Social networking company Twitter, which has seen large swings in recent days, declined for a second straight day, losing 5.1 percent. Rival Facebook sank 3.1 percent.
Dow component The Walt Disney Company rose 2.5 percent following a strong performance of its film “Frozen” over the important holiday weekend.
Bond prices rose. The yield on the 10-year bond slipped to 2.98 percent from 3.01 percent Friday, while the 30-year fell to 3.91 percent from 3.94 percent. Bond prices and yields move inversely.
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