NEW YORK (TheStreet) -- U.S. stocks hit an all-time intra-day high on Monday before slipping from record levels set last week. Oil and gas stocks dropped with the price of crude in reaction to a preliminary international deal with Iran to curb its nuclear program.
- The Standard & Poor 500 Index slipped 0.1% to close at 1,802.50 after trading as high as 1,808.10.
- The Dow Jones Industrial Average gained 0.1% to 16,072.67.
- The Nasdaq moved 0.1% higher at 3,994.57.
West Texas crude lost 75 cents before settling at $94.09, a 15% decline since hitting a recent high of $110.53 on Sept. 6. Gold futures contracts for February delivery dropped 0.2% to $1,241.60 per ounce after dropping as low as $1,226.40, its lowest since July 8. BP (BP), Royal Dutch Shell (RDS.A), HESS (HES) and ConocoPhillips (COP) declined.
The U.S., joined by the Britain, China, France, Germany and Russia, agreed to a preliminary agreement with Iran to freeze the country's nuclear armament program to allow for negotiations for a comprehensive effort to limit the size and scope of its activities, that is, for only "peaceful" purposes. The two sides have six months in which to hammer out a full-fledged treaty.
Alcoa (AA) jumped 3.8% to $9.59 as Goldman Sachs raised shares of the aluminum manufacturer to a "buy" from "hold" declaring that "the market is not fully appreciating Alcoa's solid position in growing value-added and high margin aluminum products for the aerospace and automotive industries." Goldman analyst Sal Tharani raised his 12-month price target to $11 from $8.
Burger King (BKW) added 2.5% to $20.85 after the fast-food franchise also got a vote of confidence from Goldman Sachs which initiated coverage with a "buy" rating while forecasting annual earnings growth of 18% to 20%.
--By Leon Lazaroff in New York