Stocks Hover On Monday

 | Jun 10, 2013 01:19AM ET

Stocks began the week holding near the breakeven level.

Quantitative easing is still here. It did not disappear over the weekend nor is it likely to go away anytime soon, as St. Louis Federal Reserve President (and FOMC member) James Bullard stated on Monday. With no economic news to move the markets, the major stock indices hovered near the breakeven level on Monday. Although stocks began to pick up some strength after 10:00 EDT, momentum did not hold and the major indices slid back toward Friday’s closing levels.

The upgrade by Standard & Poor’s of the outlook on its AA+ credit rating for the United States from “negative” to “stable” failed as a market-mover event.

The Dow Jones Industrial Average (NYSEARCA:DIA) declined 9 points to finish Monday’s trading session at 15,238 for a 0.6 percent decline. The S&P 500 (NYSEARCA:SPY) finished Monday’s session with 0.03 percent dip to close at 1,642.

The Nasdaq 100 (NASDAQ:QQQ) slipped 0.01 percent to close at 2,990. The Russell 2000 (NYSEARCA:IWM) climbed 0.51 percent to 992.

In other major markets, oil (NYSEARCA:USO) declined 0.47 percent to close at $34.00.

On London’s ICE Futures Europe Exchange, July futures for Brent crude oil declined by 63 cents (0.60 percent) to $103.74/bbl. (NYSEARCA:BNO).

June gold futures advanced by $3.10 (0.22 percent) to $1,386.10 per ounce (NYSEARCA:GLD).

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