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Stocks waver in midday trading

- Associated Press - Monday, March 11, 2013

NEW YORK (AP) — The stock market slipped between slight gains and losses in midday trading Monday.

The Dow Jones industrial average rose 21 points to 14,418, a gain of 0.1 percent. That modest rise put the index on track for its seventh straight day of increases.

Boeing led the Dow up, rising 1 percent. A Boeing executive reportedly said he's confident the aircraft maker has figured out a fix for the battery problems that have grounded the 787 Dreamliner.

The blue-chip Dow blew past its all-time high on Tuesday, then kept climbing and ended last week up 2 percent.

In other trading, the Standard & Poor's 500 index rose less than one point to 1,551 on Monday. The S&P 500 index is within striking distance of its all-time closing high of 1,565.

Seven of the 10 industry groups in the S&P 500 index rose, led by financials. Telecom and energy companies fell the most. Telecom slipped almost half a percent.

Dick's Sporting Goods sank 9 percent to $45.90 after the retailer posted slightly weaker earnings and revenue than analysts had expected. The Pittsburgh-based company said it responded to a warm December by cutting its inventory of cold-weather clothes, but that move likely hampered sales when temperatures dropped in January.

There were no major economic reports to drive trading on Monday. Later in the week, the government will release figures for the federal budget in February, as well as reports on consumer prices and industrial production

The Nasdaq composite was virtually unchanged at 3,244.

In the Treasury market, the yield on the benchmark 10-year Treasury note edged up to 2.05 percent, up from 2.04 percent late Friday.

The 10-year Treasury yield began the year around 1.70 percent and has climbed steadily higher since then as worries about a recession have eased. Traders have shifted money out of the Treasury market, lifting yields up.

On Friday, the Labor Department said that U.S. employers added 236,000 workers to their payrolls in February, pushing the unemployment rate down to 7.7 percent, the lowest since December 2008.

 

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