By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks mostly fell Monday after a
trade group reported pending-home sales dropped last month,
equipment-maker Caterpillar Inc. reported profitable results and
orders for durable goods rose in December.
The market's recent win-streak left equities primed for a
retreat.
"We've been up eight days in a row; this can't go on forever,"
Dan Greenhaus, chief global strategist at BTIG LLC, said of the
S&P 500's eight-session winning run.
Stocks relinquished what had been tepid gains after the National
Association of Realtors said pending home sales declined 4.3% last
month.
"There are a number of indicators that lead us to believe a
market pause is more likely than not, but making the case for a
sustained downside is difficult to do," Greenhaus added.
After finishing above 1,500 last week for the first time since
December 2007, the S&P 500 index (SPX) was off 3.02 points, or
0.2%, at 1,499.94 in late morning trade.
The Dow Jones Industrial Average (DJI) shed 12.30 points, or
0.1%, to 13,883.68, with Caterpillar (CAT) leading gains that
narrowed to include 13 of its 30 components.
The Commerce Department reported orders for durable goods in the
U.S. climbed 4.6% last month.
While the jump in durable-goods orders for December is a welcome
one, the picture painted by Caterpillar's "telling you a little bit
more about the global story," said Greenhaus.
The Nasdaq Composite (RIXF) advanced 4.92 points, or 0.2%, to
3,154.63.
For every share rising nearly two slid on the New York Stock
Exchange, where 172 million shares traded as of 10:50 a.m. Eastern
time.
Composite volume topped 927 million.
Shares of Jos. A Bank Clothiers Inc. (JOSB) fell 15% after the
men's apparel maker late Friday projected yearly profit would
decline 20% from last year, with sales cut by unseasonably warm
weather.
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