Stocks are retreating from their early highs with the tech-heavy Nasdaq leading the slide. The indices aren't being helped by the November factory orders report which increased 1.8%, beating the consensus estimate of 1.7%. In corporate news, JP Morgan is expected to announce this week it will pay over $2 billion for its alleged failure to warn investors over the Madoff fraud scheme. Elsewhere, Joseph A Bank is up almost 5% after Men's Wearhouse commenced a cash tender for the company. Finally, the Senate is expected to confirm Janet Yellen's appointment as Federal Reserve chair later today.

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