U.S. stocks on Monday began by wavering between tepid gains and losses, with investors hesitant after a two-session surge ahead of anticipated central-bank talk in the days ahead. The Dow Jones Industrial Average dipped 2 points to 13,073. The S&P 500 index lost half a point to 1,385. The Nasdaq Composite added 8 points to 2,966. Shortly after the open the averages moved into the green. The bulls aren't done with this rally even though we may be a little overbought in the short run. On the earnings front, Franklin Resources and HSBC are higher on earnings. Visa and Mastercard look good, while CNA Financial is lower on earnings. JP Morgan, Annaly, and Pulte Group are lower on downgrades. Speaking of CNA Financial, parent company Loews Group is lower by 3% on earnings. Boardwalk Pipeline is unchanged in earnings. In the energy space, Phillips 66 is higher by 2% on an upgrade. In the tech space Apple and Google look great after a big surge last week. The industrial sector is struggling except for Roper Industries up 6% on in line earnings and raised guidance. Through the first hour the averages pushed higher with the Dow rising 50 points and the Nasdaq rising 14 points. After the first hour the averages pulled back as the utilities and consumer staples perked up. Through the morning and into the afternoon the averages remained in the red, but not by much. Apple looks good in the tech space, but the rest of the sector is under pressure. In the last hour the averages bought back toward positive territory, but came up short. The Dow Jones Industrial Average finished down 2 points at 13,073, led by a 2% drop in J.P. Morgan Chase. The Dow has declined for the ninth straight Monday making it the longest stretch since 1939. The S&P 500 fell less than a point to 1,385. The Nasdaq Composite fell 12 points to 2,946.
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