Published May 06, 2013
FOX Business: Capitalism Lives Here
The broad S&P 500 logged a fresh record high Monday in light trading, while the Dow tilted slightly lower, as traders took a breather after a hectic week.
According to preliminary calculations, the Dow Jones Industrial Average fell 5.1 points, or 0.03%, to 14969, the S&P 500 rose 3.1 points, or 0.19%, to 1618 and the Nasdaq Composite climbed 14.3 points, or 0.42%, to 3393.
A round of strong jobs data helped ease fears about the strength of the U.S. economy, sending the markets sharply higher on Friday. The move left the Dow and S&P both up by more than 13% on the year.
Despite the big gains so far in 2013, Berkshire Hathaway CEO Warren Buffett, widely considered to be one of the world's wisest investors, said in an interview with FOX Business' Liz Claman stocks are likely to move "much higher" in coming years.
The economic and corporate dockets are far emptier this week, with the main data coming Thursday by way of the weekly jobless claims report. Markets in the U.K., the largest European stock market, were also closed on Monday.
A report from HSBC showed China's services sector expanded at the weakest pace since August 2011 last month. The bank blamed the sharp slowdown for the world's No. 2 economy on "weaker new business growth."
Meanwhile, in Europe, the Markit composite eurozone PMI gauge surprised to the upside. The measure rose to 46.9 in April from 46.5 in March, topping expectations of 46.6. Still the reading suggests the 17-member currency bloc's economy is still contracting.
In commodities, the benchmark U.S. crude oil contract climbed 28 cents, or 0.29%, to $95.89 a barrel. Wholesale New York Harbor gasoline rose 0.06% to $2.827 a gallon. Gold jumped $10.70, or 0.73%, to $1,475 a troy ounce.
The Euro Stoxx 50 fell 0.52% to 2749 and the German DAX dipped 0.12% to 8112.
In Asia, the Chinese rallied 1% to 22915.