NEW YORK (AP) — Stocks moved slightly lower in mid-morning trading Monday, pulling back from the records they set last week. Consumer companies and banks are taking some of the largest losses.
KEEPING SCORE: The Dow Jones industrial average lost 61 points, or 0.3 percent, to 19,087 as of 11 Eastern. The Standard & Poor’s 500 index fell seven points, 0.3 percent, to 2,206 and the Nasdaq composite fell 12 points, or 0.2 percent, to 5,386.
The Russell 2000, an index of smaller companies, was down 0.7 percent. That index has risen for 15 days in a row, its longest streak in 20 years. All of those indexes finished at record highs Friday.
CLEARANCE: Consumer discretionary stocks were among the hardest hit. Online retail giant Amazon fell $13.09, or 1.7 percent, to $767.09 after Citigroup analysts cut their price target on the stock, citing deep discounting by the retailer to compete during the holiday shopping season. Barnes & Noble fell 35 cents, or 3 percent, to $12.60 on reports the bookseller is also doing deep discounting.
ON THE NEWSTANDS: Magazine publisher Time Inc. jumped $2.48, or 18 percent, to $16.08 after the company reported rejected a buyout offer from investor Edgar Bronfman Jr.
OIL: The price of benchmark U.S. oil jumped 98 cents, or 2.1 percent, to $47.05 a barrel in New York ahead of a meeting of OPEC, where oil-producing countries may consider a broad production cut. Brent crude, the international standard, rose $1.06, or 2.2 percent, to $49.29 a barrel in London.
BONDS: Bond prices edged higher. The yield on the 10-year Treasury note fell to 2.33 percent from 2.36 percent.
CURRENCIES: The dollar inched higher compare to other currencies. It slipped to 112.65 yen from 113.04 yen. The euro fell to $1.0573 from $1.0592.
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