By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks recouped Monday declines,
with the financial sector paving the way, lifting the S&P 500
closer to a record and the Dow industrials in position to chalk up
another one.
Shares of Genworth Financial Inc. (GNW) jumped 6.4% after
Barron's reported the recently reorganized life insurer and
provider of mortgage securities could nearly double in the next
year.
The S&P 500 index (SPX) added 4.18 points, or 0.3%, to
1,555.39, leaving it less than 10 points from its closing high of
1,565.15, hit in October 2007.
After hitting an all-time high last week on a
better-than-expected monthly jobs report, the Dow industrials (DJI)
on Monday rose 33.47 points, or 0.2%, to 14,430.34.
"The Dow is what gets all the news among the public, as it is
more widely recognized, but for the insider and for technical
reasons, it's more important for the S&P 500 to breach its
previous closing high," said Mark Luschini, chief investment
strategist at Janney Montgomery Scott.
"As long as there is this widely held view that we're in for a
correction, we're likely not going to have one," added Luschini of
expectations that the market was due for a pullback, given the more
than 10% rise by the Dow so far this year.
The Nasdaq Composite index (RIXF) added 6.69 points, or 0.2%, to
3,251.06.
Advancers just outpaced decliners on the New York Stock
Exchange, where 365 million shares traded as of 3:10 p.m. Eastern.
Composite volume exceeded 2.2 billion.
On the New York Mercantile Exchange, crude-oil for April
delivery (CLJ3) erased losses to finish at $92.06 a barrel, up 11
cents, or 0.1%. Gold futures (GCJ3) rose $1.10, or 0.1%, to settle
at $1,578 an ounce on the Comex division.
U.S. equities reversed course Monday as investors bought into a
dip that came after disappointing data from the world's
second-largest economy.
"With China's revival that we had seen coming out of last year,
these figures collectively were a little bit of a setback," said
Luschini, referring to economic reports that had Chinese consumer
prices rising, consumer spending slowing and industrial production
slowing. The reports were likely impacted by China's Lunar New Year
holiday, he added. See: China's inflation climbs; other indicators
soften.
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.
Dick's Sporting Goods Inc. (DKS) fell 10% after the retailer
projected profit below expectations.
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