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Markets begin the week with modest losses
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Stocks are headed towards a modest pullback this morning, as investors realize gains from Friday's rally. On Friday, the DJIA gained 258.30 points, or 2.94%, to 9034.69, the Nasdaq rose 55.18 points, or 3.50%, to 1632.21, while the S&P 500 added 28.46 points, or 3.15%, to 931.71.
In economic news, November's Construction Spending will be released at 10 AM. The Street estimate calls for a decline of 1.3%. In corporate news, investors will get the latest reading on December auto sales from General Motors (GM) and Ford (F). Apple (AAPL) is expected to unveil new products at its MacWorld conference today. The Financial Times reported that Pfizer's (PFE) Chief Executive, Jeff Kindler, stated the company is open to acquisitions.
Friday's Leaders: Exxon Mobil (XOM up $1.79 to $81.62), General Electric (GE up $0.75 to $16.95), Microsoft (MSFT up $0.89 to $20.33), Chevron (CVX up $2.55 to $76.52). Friday's Laggards: Public Storage (PSA down $3.76 to $75.74), BB&T (BBT down $0.73 to $26.73), Equity Residential (EQR down $1.59 to $28.23). The 10-year Treasury note is yielding 2.37%, the Dollar is up against both the Yen and Euro, while light crude oil deliverable in February is up $0.19 to $46.53.
