U.S. stocks were little changed, after the Dow Jones Industrial Average reached its highest level ever last week, amid a report showing industrial production in China expanded at the slowest pace since 2009.
Dick’s Sporting Goods Inc. tumbled 8.1 percent after forecasting profit that was less than analysts estimated. Kroger Co. dropped 1.1 percent and Apple (AAPL) Inc. lost 1.2 percent after analyst downgrades. Best Buy Co. climbed 0.5 percent as its rating was raised by a Piper Jaffray analyst.
The Standard & Poor’s 500 Index slipped less than 0.1 percent to 1,550.94 at 11:12 a.m. in New York. The Dow added 8.59 points, or 0.1 percent, to 14,405.66. Trading in S&P 500 stocks was 26 percent lower than the 30-day average.
“There’d be no surprise if people are just trying to digest and take a little bit of profit here,” Christopher McHugh, who helps manage about $10 billion at Turner Investment Partners in Berwyn, Pennsylvania, said in a phone interview. “Earnings will come in focus over the next few weeks again as we come through the end of the quarter,” he said. “We want to get off to a good start to complement the good gains of the market.”
The Dow reached an all-time high last week amid better- than-forecast jobs growth and as investors speculated that central banks will continue with stimulus measures. The S&P 500 is about 1 percent below its record.
Last week’s 2.2 percent rally in the Dow pushed the gauge’s price-to-earnings ratio to 14.03, the highest level since May 2011, data compiled by Bloomberg show. The S&P 500 is valued at 15.3 times earnings, a 22-month high.
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Dick’s Sporting Goods Inc. tumbled 8.1 percent after forecasting profit that was less than analysts estimated. Kroger Co. dropped 1.1 percent and Apple (AAPL) Inc. lost 1.2 percent after analyst downgrades. Best Buy Co. climbed 0.5 percent as its rating was raised by a Piper Jaffray analyst.
The Standard & Poor’s 500 Index slipped less than 0.1 percent to 1,550.94 at 11:12 a.m. in New York. The Dow added 8.59 points, or 0.1 percent, to 14,405.66. Trading in S&P 500 stocks was 26 percent lower than the 30-day average.
“There’d be no surprise if people are just trying to digest and take a little bit of profit here,” Christopher McHugh, who helps manage about $10 billion at Turner Investment Partners in Berwyn, Pennsylvania, said in a phone interview. “Earnings will come in focus over the next few weeks again as we come through the end of the quarter,” he said. “We want to get off to a good start to complement the good gains of the market.”
The Dow reached an all-time high last week amid better- than-forecast jobs growth and as investors speculated that central banks will continue with stimulus measures. The S&P 500 is about 1 percent below its record.
Last week’s 2.2 percent rally in the Dow pushed the gauge’s price-to-earnings ratio to 14.03, the highest level since May 2011, data compiled by Bloomberg show. The S&P 500 is valued at 15.3 times earnings, a 22-month high.
For more Information Plz log on to www.rpshares.com
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