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Overnight Markets: US stocks retreat amid lack of new catalysts

by Himanshu Singh on Feb 12, 2013 at 03:53

Overnight Markets: US stocks retreat amid lack of new catalysts

Wall Street fell on Monday after a six-week rally at the Standard & Poor’s 500 Index as investors found few reasons to keep pushing shares higher.

The Dow Jones industrial average was down 22 points, or 0.16%, at 13,971. The Standard & Poor's 500 Index was down one point, or 0.06%, at 1,517. The Nasdaq Composite Index was down two points, or 0.06%, at 3,192.

Shares traded slightly lower throughout the session but regained in the final hours after Google Inc rebounded off earlier losses. Shares of the Internet search giant dipped 0.4%, recovering from earlier plunge of 1%, after it said in a filing former chief executive Eric Schmidt is selling roughly 42% of his stake in the company.

Apple Inc gained 1% after a report said that the iPhone maker was experimenting with the design of a device similar to a wristwatch.

President Barack Obama is scheduled today to explain his plan for spurring the economy in his State of the Union address. He is likely to offer proposals for investment in infrastructure, manufacturing, clean energy and education.

In Europe, finance ministers from the 17-member euro area were scheduled to meet today in Brussels to discuss aid to Cyprus and Greece.

Shares of Regeneron Pharmaceuticals Inc gained 2.7% after it said longtime drug development partner Sanofi plans to boost its stake.

BlackBerry shares slid 4.6% after Home Depot Inc. said it will exchange 10,000 BlackBerry models with iPhones.

AOL Inc. jumped 7.4% after an analyst recommended investors buy the shares.

Green Mountain Coffee Roasters Inc. slipped 4.5% after the maker of Keurig brewers and single-serve pods was cut to neutral from buy at Dougherty & Co.

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