Lowe’s Cos. rose 1.1 percent. The home improvement retailer said it will buy back up to $5 billion stock over the next two to three years. Last week, Lowe’s lowered its sales forecast for the second half of the year as shoppers grow more worried about the economy.
No major economic reports came out Monday. Later in the week, traders will be sorting through figures on new home sales, chain store sales, durable goods orders and weekly claims for unemployment benefits to see if another recession could be on the way. The government will also release revised figures for second-quarter economic growth Friday. Another significant revision downward could alarm investors.
Three stocks fell for every two that rose on the New York Stock Exchange. Trading volume was above average at 4.8 billion.