Stocks tread water. Apple rises on iPhone news.
Stocks ended relatively flat on Wall Street Monday but corporate deal stories and technology stocks were bright spots. Apple rose after the blog AllThingsD said the company would release the latest version of its iPhone on Sept. 10.
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Any pullback in stocks now is presenting investors with a buying opportunity, said Doug Cote, chief market strategist with ING U.S. Investment Management.Skip to next paragraph
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"There will be some near-term volatility, but it's a buying opportunity and a chance to get fully invested in the market," Cote said.
The S&P 500 is up 0.2 percent this month. For the year, it's up 18.5 percent.
Investors will get further clues about the strength of the economy this week when the U.S. Commerce Department publishes its July retail sales figures Tuesday. There will also be data on the housing market, industrial production and the Philadelphia Fed's survey of manufacturing on Thursday.
The market's reaction to the reports may be muted as many market participants are likely to be on vacation this week, said David Kelly, chief global strategist at JPMorgan Funds.
"When everybody is at the beach, it takes a louder bang to get the BlackBerries to start humming," Kelly said.
Sluggish economic growth figures from Japan, the world's third-largest economy, disappointed investors and weighed on the stock market in early trading.
The 2.6 percent annualized second-quarter growth rate recorded in Japan was below the 3.8 percent rate recorded in the first quarter and the 3.6 percent predicted by analysts. Japan's main stock index, the Nikkei, fell 0.7 percent on the news.
In commodities trading, the price of gold rose $22, or 1.7 percent, to $1,334.20 an ounce. Silver gained 93.2 cents, or 4.6 percent, to $21.34 an ounce.
Among mining stocks, Newmont Mining advanced $1.39, or 4.7 percent, to $30.90.
The price of oil fell 14 cents, or 0.1 percent, to $106.11 a barrel.
In deal news, BlackBerry gained $1.02, or 10.5 percent, to $10.78. Steinway climbed $3.36, or 9.3 percent, to $39.59 after an investment firm topped an earlier offer from Kohlberg & Co. Dole rose 68 cents, or 5.3 percent, to $13.49, after the company's CEO said he would take the company private in a deal that values it at $2.1 billion.
— Among other stocks making big moves:
— Krispy Kreme rose $1.12, or 5.2 percent, to $22.52 after the stock was upgraded by an analyst at Janney Capital Markets on the expectation that the company will have stronger sales growth than previously expected.
—Sysco, a food distributor, fell $2.02, or 5.8 percent, to $32.99 after the company said its net income fell 9 percent due to higher operating expenses and restructuring charges.
—Vical plunged $2.05, or 57 percent, to $1.53 after the drug developer said its potential cancer treatment failed in a late-stage study and that it would shift its focus to infectious disease vaccines.
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