WASHINGTON (dpa-AFX) - After ending last week's trading on an upbeat note, stocks turned in a lackluster performance during trading on Monday. The major averages moved in opposite directions, eventually ending the day mixed.
While the Dow rose 195.60 points or 0.4 percent to 51,850.55, the S&P 500 edged down 4.30 points or 0.1 percent to 7,807.24 and the Nasdaq fell 120.27 points or 0.4 percent to 27,245.90.
The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the release of key inflation data in the coming days.
The Labor Department is scheduled to release its report on consumer price inflation on Wednesday, with the annual rate of consumer price growth expected to accelerate to 3.6 percent in September from 3.4 percent in August.
The data could have a significant impact on the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
Ahead of the release of the data, CME Group's FedWatch Tool is currently indicating a 78.4 percent chance the Fed will leave interest rates unchanged after last month's quarter point rate hike.
Earnings news is also likely to attract attention, as financial giants Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC) are among the companies due to report their quarterly results this week.
The strength of the companies' quarterly results as well as their guidance could have a significant impact on the outlook for the markets as earnings season picks up steam.
Sector News
While most of the major sectors showed only modest moves on the day, networking stocks moved sharply lower, dragging the NYSE Arca Networking Index down by 3.6 percent.
Substantial weakness was also visible among computer hardware and semiconductor stocks, contributing to the drop by the tech-heavy Nasdaq.
Airline stocks also showed a significant move to the downside, while energy stocks moved sharply higher along with the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday, with the Japanese markets closed for a holiday. South Korea's Kospi plunged by 3.7 percent, while Australia's S&P/ASX 200 Index advanced by 0.8 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.'s FTSE 100 Index jumped by 1 percent, the German DAX Index increased by 0.8 percent and the French CAC 40 Index rose by 0.4 percent.
The bond markets were closed on the day in observance of Columbus Day.
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