Wall St dips for third straight day after mixed data
NEW YORK (REUTERS) - United States (US) stocks slipped on Monday after a mixed batch of economic reports, which showed a slowdown in growth in the US services sector and a rebound in new orders for factory goods.
Two measures of activity in the services sector indicated slower growth in December, indicating the economic recovery remains modest, while a separate report showed factory orders rose as expected in November.
The S&P 500 closed out 2013 with a gain of 2.4 per cent in December, its fourth straight month of gains. But the benchmark index has stumbled in the first three trading sessions out of the gate in 2014, falling more than 1 per cent so far in January.
"With respect to the data, there were no huge surprises so with that huge year-end rally and working off that overbought condition, there is the potential for days like this where we don't get a lot of market movement," said Mr Todd Salamone, vice president of research at Schaeffer's Investment Research in Cincinnati.