Dow, S&P 500 Near Flat After Rally; Apple Boosts Nasdaq
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NEW YORK (Reuters) – The Dow and S&P 500 were nearly flat on Monday as a four-weekrally stalled, while a rebound in Apple shares helped buoy the Nasdaq.Caterpillar shares helped cap losses in the Dow industrials even as the company posted a 55percent drop in quarterly profit due to a charge connected with accounting fraud at a Chinesesubsidiary and weak demand among its dealers. Caterpillar’s shares, down 2.2 percent in thepast three sessions, rose 1.5 percent Monday to $96.97.Boeing , down 1.2 percent at $74.14, shares led decliners on the Dow. The aircraft maker riskslosing about $5 billion in revenue by the grounding of its 787 Dreamliner fleet, according to aBloomberg report.The S&P 500 is coming off a streak of eight sessions of gains, the longest in eight years, butthe index remained above 1,500. It ended above that level on Friday for the first time in morethan five years.“I think this multi-year high is really something that’s in play both for short-term traders and forfolks with money on the sidelines,” said Bucky Hellwig, senior vice president at BB&T WealthManagement in Birmingham, Alabama.Investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds inJanuary, the biggest monthly inflow on record, research provider TrimTabs InvestmentResearch said.Bargain hunters lifted Apple after the tech giant’s stock dropped 14.4 percent in the previoustwo sessions. With Apple’s stock up 2.4 percent at $450.29, the iPad and iPhone makerregained the title as the largest U.S. company by market capitalization as Exxon Mobil fell 0.9percent to $90.94 and slipped back to second place.The Dow Jones industrial average was up 10.70 points, or 0.08 percent, at 13,906.68. TheStandard & Poor’s 500 Index was down 0.50 points, or 0.03 percent, at 1,502.46. The NasdaqComposite Index was up 9.37 points, or 0.30 percent, at 3,159.08.Data on Monday pointed to growing economic momentum as companies sensed improvedconsumer demand.Thomson Reuters data showed that of the 150 companies in the S&P 500 that have reportedearnings so far, 67.3 percent have beaten analysts’ expectations, which is a higher proportion1 / 2