US stocks off to weak start, continuing a decline
NEW YORK (AP) — U.S. stocks are starting the week by adding to their losses from Friday. The declines were led by consumer discretionary and energy stocks.
KEEPING SCORE: The Standard & Poor’s 500 index fell three points, or 0.2 percent, to 1,861 as of 10:15 a.m. (1415 GMT). The Dow Jones industrial average dropped 38 points, or 0.2 percent, to 16,374. The Nasdaq edged up two points, less than 0.1 percent, to 4,128.
TECH REBOUND: Big momentum stocks that slumped on Friday bounced back in early trading. Netflix, which lost almost 5 percent on Friday, gained $10.11, or 3 percent, to $347 in early trading. Facebook, which fell 4.5 percent Friday, gained 83 cents, or 1 percent, to $57.35.
P&G PAYOUT: Procter & Gamble edged up following news that the maker of Tide laundry detergent would raise its quarterly dividend by 4 cents to 64 cents. P&G rose 62 cents, or 0.8 percent, to $80.40.
BORROWING: Later Monday afternoon, the Federal Reserve will release a report on how much consumers borrowed in February. The forecast is that borrowing increased slightly in February to $14 billion, according to FactSet. Some economists consider an increase in borrowing an encouraging sign that Americans are more confident and willing to take on debt.
FED AHEAD: The Federal Reserve will release minutes on Wednesday from its meeting in mid-March. Investors will be parsing the minutes from that two-day gathering to anticipate the Fed’s next moves on interest rate policy and its huge bond-buying program, which the central bank is winding down.
BONDS AND COMMODITIES: Bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.70 percent from 2.72 percent late Friday. The price of crude oil was unchanged at $101.18 a barrel. Gold fell $3.90, or 0.3 percent, to $1,299.70 an ounce.