The Straits Times
Published on Jan 08, 2013

US stocks fall ahead of start of earnings season


NEW YORK (AFP) - US stocks closed lower Monday amid profit taking from last week's rally and caution on the eve of the start of corporate earnings season.

The Dow Jones Industrial Average shed 50.92 points (0.38 per cent) at 13,384.29.

The broad-based S&P 500 fell 4.58 points (0.31 per cent) to 1,461.89, while the tech-heavy Nasdaq Composite edged down 2.84 (0.09 per cent) to 3,098.81.

Stocks gave back some of their gains from last week "amid some cautious afternoon trading preceding tomorrow's unofficial commencement of 4Q earnings season by Dow member Alcoa Inc's report after the closing bell," Charles Schwab & Co. analysts said.