NEW YORK (TheStreet) -- Stocks closed short of record highs Monday as investors weighed China's announcements to pursue economic reforms in its banking sector and ease its decades-old one-child policy.
The list of potential reforms promises to be the country's most sweeping changes toward a market-based economy since the 1990s. The proposals cover legal reforms, expanding land rights for farmers as well as the management of state-owned enterprises. The apparent goal is to improve the functioning of state-owned enterprises by encouraging private-sector innovation.
News of the reforms pushed the Dow Jones Industrial Average above 16,000 for the first time ever at nearly the same moment as the S&P 500 attained a previously untouched 1,800 level.
On the NYSE, CRM shares shed 3.1% to $55.51 despite an announcement from the cloud computing giant of a revamped mobile platform, Salesforce1, to keep its existing customers happy. The function will be accessible to existing customers through a free upgrade, allowing them to pool together all of Salesforce.com's offerings and features into customizable mobile and social apps. The platform allows easier mobile access to third party applications from Dropbox, LinkedIn (LNKD), as well as note-taking software maker Evernote.
The announcement coincides with salesforce.com's third-quarter earnings announcement after the market close. The company reported earnings of 9 cents a share on revenue of $1.08 billion. Wall Street expected earnings of 9 cents a share on revenue of $1.06 billion, according to a survey of analysts by Thomson Reuters.