Stocks Turn Mixed in Choppy Trading
Stock turned mixed Monday following the deadly terror attacks in Paris on Friday.
"Obviously the markets are going to be largely overshadowed by the events in Paris over the weekend," said David Kelly, chief global strategist at J.P. Morgan Funds, to CNBC. "To some extent that might make markets fairly quiet (given the lack of financial and economic news)."
The S&P 500 added 0.26%, the Dow Jones Industrial Average gained 0.29% and Nasdaq fell 0.04%.
Travel-related stocks declined Monday in the wake of the Paris terrorist attacks. Delta Air Lines (DAL) - Get Report fell 2.9%, while Carnival (CCL) - Get Report declined more than 3%. Priceline (PCLN) fell 4%.
The Empire State Manufacturing Survey for November came in at minus 10.74, which was below expectations. The report indicated there were signs of weakness in New York's manufacturing sector.
Boston Fed President Eric Rosengren said Sunday in an interview with the Financial Times that he wants to keep a close eye on "commercial real estate and large syndicated loans" as risks in these areas could create imbalances and lead to interest rates increasing faster than expected.
"It would be a reason to maybe think about raising rates a little more quickly than I otherwise would, given the same unemployment and inflation rate," Rosengren said during the interview.
Rosengren seemed confident of a potential rate hike in December, but was more concerned with the pace of the rate increases over time. "Let's make sure this is actually a successful lift-off, let's not tighten so much that we weaken the economy and create a negative shock, and let's make sure we don't delay for so long that we get built-up inflationary pressures that cause us to react more in the future," he told the newspaper.
West Texas Intermediate crude oil fell 1.4% to $40.17 a barrel after rising earlier in the session.
Marriott International (MAR) - Get Reportsaid Monday it reached an agreement to buy Starwood Hotels & Resorts (HOT) for $12.2 billion in cash and stock. The deal would create the world's largest hotel company. Marriott shares added 0.7% while Starwood Hotels declined by more than 5%.
According to a Securities and Exchange Commission filing, David Tepper, head of hedge fund Appaloosa Management, sold all of his 1.36 million shares in Alibaba (BABA) - Get Report in the third quarter. He also trimmed his holdings in Bank of America (BAC) - Get Report , Apple (AAPL) - Get Report , Google (GOOGL) - Get Report and Mylan (MYL) - Get Report .
Berkshire Hathaway (BRK.A) - Get Report fell slightly following the release of its quarterly 13F filling that showed the holding company trimmed holdings in Walmart (WMT) - Get Report by 7% and Goldman Sachs (GS) - Get Report by 13%, while increasing shares in AT&T (T) - Get Report and General Motors (GM) - Get Report .
Chinese online retailer JD.com (JD) - Get Report rose 8.4% after it reported a third-quarter adjusted loss of 6 cents per American depositary share on revenue of $6.95 billion.
Dillard's (DDS) - Get Report declined more than 6% after reporting disappointing quarterly sales. Urban Outfitters (URBN) - Get Report shares slumped more than 5% as investors awaited earnings after Monday's closing bell. The week will see a number of earnings report from retailers such as Walmart, Target (TGT) - Get Report , Home Depot (HD) - Get Report and Best Buy (BBY) - Get Report .