Stocks eased off their best levels in the final minutes of trading Monday but still managed to eke out a small gain, following a sharp rally from the previous week.
The Dow Jones Industrial Average squeezed out a gain of 6.51 points, or 0.05 percent, to close at 13,239.13, led by JPMorgan and AmEx
Meanwhile, BofA led the Dow laggards, suddenly dropping into negative territory following rumors of secondary offering reports ( which was later denied ). Earlier, the stock topped the $10 a share mark and doubled its most recent multi-year low of $4.92 in mid-December.
The S&P 500 rose 5.58 points, or 0.40 percent, to end at 1,409.75. The S&P is now less than 10 percent below the historic closing high of 1,565.15 in October 2007. The Nasdaq gained 23.06 points, or 0.75 percent, to finish at 3,078.32.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended near 15.
Most 10 S&P sectors ended in positive territory, led by banks and techs. Utilities slipped.
“Anytime you have a big runup like this in stocks, there are speed bumps,” said Joe Bell, senior equity analyst at Schaeffer's Investment Research. “But we think any pullbacks are going to be quick consolidations rather than a market top.”Page 1 of 4 | Next Page