Updated from 4:13 p.m. EDT
Early gains Monday were all but erased in the afternoon as buyers moved out of the way of two upcoming inflation reports this week.
Dow Jones Industrial Average
was ahead by more than 100 points for a time, but closed higher by only 9.84 points, or 0.09%, to 11,097.87. The
added 1.47 points, or 0.12%, to 1268.21, and the
was up 11.33 points, or 0.55%, at 2069.04, surrendering about two-thirds of what had been a 35-point advance.
The Philadelphia Semiconductor Sector Index saw its gains halved, dragging the tech-laden Nasdaq from its highs of the session. Declines of 1.2% or more in
were weighing on the Dow.
Volume was light, as 1.40 billion shares changed hands on the
New York Stock Exchange
, with advancers beating decliners by a 9-to-7 ratio. Volume on the Nasdaq was 1.50 billion shares, and winners edged losers 8 to 7.
Crude dropped 82 cents to close at $73.53 a barrel, but rebounded from its lows below the $73 mark. The decline followed
disclosure late Friday that it would continue oil production from the western side of Alaska's Prudhoe Bay field. Current production is 150,000 barrels a day, including natural gas liquids, and should soon increase to 200,000 barrels a day.
Oil prices rose early last week after BP said it would take 400,000 barrels a day off line in order to repair a corroded pipe. Gasoline and natural gas futures also were declining. BP, which slid 3.6% last week, gave back another 2 cents, or 0.1%, to $69.30.
The 10-year Treasury lost 7/32 in price to yield 5%, while the dollar rose against the yen and weakened against the euro.
Later this week, the government will release both the producer price index and the consumer price index. Investors will use the numbers to help them gauge the odds of another
rate hike at the central bank's next meeting. Last week, the Fed left its fed funds target rate unchanged at 5.25% after 17 straight quarter-point hikes.
"With the macroeconomic reports due out later this week, people are uncertain of what these will show," said Jay Suskind, head of institutional equity trading with Ryan Beck. "The news wasn't economic or corporate, which is why we had the relief rally today, but there was little volume to hold this up."
To view Gregg Greenberg's video take on today's market, click here
Meanwhile, in southern Lebanon, a halt to the fighting between Israeli forces and Hezbollah militants took effect, bringing a cessation to a month of combat. Following the news, gold fell $5.10 to finish at $639.30 an ounce.
said it received a letter from the Nasdaq stating that it wasn't in compliance with the exchange's listing requirements because of a delay in filing its quarterly report with regulators. Apple is planning to restate its past financials in order to record noncash charges for compensation related to option awards. Apple climbed 29 cents, or 0.5%, to $63.94.
said President and Chief Financial Officer Indra Nooyi will succeed Steven Reinemund as chief executive on Oct. 1. Pepsi sahres finished higher by 62 cents, or 1%, to $63.95.
On the earnings front,
said it's exploring options that could include the spinoff or sale of its surgery center and outpatient rehabilitation divisions. The company also posted a second-quarter loss of $51.7 million, or 13 cents a share, narrowing from a loss of $62.4 million, or 16 cents a share, last year.
Also, HealthSouth said it will seek a listing on the NYSE. HealthSouth shares surged 8.8% to finish at $4.46.
Among the day's research calls, Bear Stearns upgraded
to outperform from underperform, but the investment bank lowered its rating on
to underperform from peer-perform.
Ford jumped 46 cents, or 6.2%, to $7.83, and rival GM gained 9 cents, or 0.3%, to $30.20.
JPMorgan Chase upgraded
Whole Foods Markets
to neutral from underweight, citing expectations for strong earnings. Shares rose $3.54, or 7.5%, to close at $50.91.
Global equity markets were higher after Britain lowered its terror threat level to severe from critical. London's FTSE 100 was up 0.9% to 5871, and Germany's Xetra DAX added 1.1% to 5692. Japan's Nikkei surged 1.9% to 15,857, and Hong Kong's Hang Seng tacked on 0.2% to 17,290.