By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks on Monday edged higher,
lifting the S&P 500 closer to a record, as investors bought
into a dip that came after disappointing data from the world's
second-largest economy.
"As long as there is this widely held view that we're in for a
correction we're likely not going to have one," Mark Luschini,
chief investment strategist at Janney Montgomery Scott, said of
expectations that the market was due for a pullback, given the more
than 10% rise by the Dow Jones Industrial Average so far this
year.
After hitting an all-time high last week on a
better-than-expected monthly jobs report, the Dow industrials (DJI)
on Monday rose 39.13 points, or 0.3%, to 14,436.20.
The S&P 500 index (SPX) added 3.36 points, or 0.2%, to
1,554.54, leaving it less than 11 points from its closing high of
1,565.15, hit in October 2007.
The Nasdaq Composite (RIXF) added almost 1 point to
3,245.12.
"With China's revival that we had seen coming out of last year,
these figures collectively were a little bit of a set back," said
Luschini, referring to economic reports that had Chinese consumer
prices rising, consumer spending slowing and industrial production
slowing.See: China's inflation climbs; other indicators soften.
The reports were likely impacted by China's Lunar New Year
holiday, he added.
Advancers just outpaced decliners on the New York Stock
Exchange, where 264 million shares traded as of 1:20 p.m. Eastern.
Composite volume approached 1.6 billion.
Intrade halted trading, with the Irish online betting service
saying it is looking into possible financial irregularities. See:
All bets off as Intrade shuts down.
Icahn Enterprises LP (IEP) said it signed a confidentiality pact
with Dell Inc. (DELL), less than a week after investor Carl Icahn
joined those opposed to co-founder Michael Dell's plan to take the
personal-computer maker private. Shares of Dell gained 1.2%. See:
Icahn's firm signs confidentiality pact with Dell.
Shares of Genworth Financial Inc.(GNW) jumped 6.7% after
Barron's reported the recently reorganized life insurer and
provider of mortgage securities could nearly double in the next
year.
Dick's Sporting Goods Inc. (DKS) fell 9.8% after the retailer
projected profit below expectations.
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