(By Salman - iStockAnalyst Writer)US stocks finished flat on Monday as skeptical investors snapped up financial stocks amid worries about the sustainability of the three-month rally.
The Dow Jones Industrial Average rose 1.36 points or 0.02% to finish at 8,764.49. The S&P 500 fell 0.95 points or 0.10% to end at 939.14. The Nasdaq Composite decreased 7.02 points or 0.38% to 1,842.40.
Financial stocks finished with gains. Shares of JP Morgan (NYSE: JPM) jumped 84 cents or 2.43% to $35.39. Bank of America (NYSE:
BAC) climbed 20 cents or 1.69% to $12.06.American Express Co. (NYSE:
AXP) surged 70 cents or 2.81% to $25.65. Wells Fargo (NYSE:
WFC) rallied 67 cents or 2.71% to $25.39.
On the downside, shares of McDonald's Corp. (NYSE:
MCD) slumped $1.15 or 1.92% to $58.72. McDonald's said on Monday that global comparable sales rose 5.1% in May. In the U.S, same-store sales rose 2.8%.
Alcoa Inc. (NYSE:
AA), the largest US aluminum maker, lost 17 cents or 1.55% to $10.77.
Apple Inc. (NASDAQ:
AAPL) on Monday unveiled a a new iPhone which is twice as fast as its predecessor, and features an improved digital camera and a new service that lets users locate their phones if they have been lost or stolen. Shares of the iPhone maker finished at $143.85, down 82 cents or 0.57%.
President Barack Obama said on Monday that he expects his $787 billion stimulus plan to save or create more than 600,000 jobs this summer.
According to credit reporting agency TransUnion, delinquency rate for bank-issued credit cards rose 11 percent in the first quarter of the year.
Meanwhile, the International Air Transport Association said that global airlines are likely to lose $9 billion this year. Shares of AMR Corp. (NYSE:
AMR) plunged 34 cents or 6.77% to $4.68. US Airways (NYSE:
LCC) slumped 18 cents or 6.19% to $2.73.
European banking giant Barclays (NYSE:
BCS) has confirmed that it is in talks with US money management firm BlackRock (NYSE: BLK) about the sale of its Barclays Global Investors division.
HealthTronics Inc. (NASDAQ:
HTRN) announced on Monday that it has agreed to acquire medical devices maker Endocare Inc. (NASDAQ: ENDO) in a deal worth about $1.35 a share.
International ratings agency Standard and Poor's lowered Ireland's sovereign credit rating for the second time in three months on Monday on concerns about the rising fiscal costs due to the government's support of the Irish banking system.
European stocks settled down. The UK FTSE decreased 33.34 points or 0.75% to 4,405.22. The German DAX and French CAC retreated 1.42% and 1.48% respectively.
Asian stocks finished mixed. The Nikkei 225 rose 97.62 points or 1% to 9,865.63. The Hang Seng index of Hong Kong fell 426.14 points or 2.28% to 18,253.89.
NYMEX crude oil for July delivery declined 14 cents or 0.2% to settle at $68.30 a barrel.
Disclosure: Author does not own any of the stocks discussed here.
