MARKET SNAPSHOT: Dow Struggles To Resume Record March As GE's Stock Stumbles

By Ryan Vlastelica and Sunny OhFeaturesDow Jones Newswires

GE shares fall nearly 3% as new CEO looks set to reshape conglomerate

U.S. stocks were little changed near record levels on Monday, as investors struggled to push stocks deeper into record territory following a string of recent gains.

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In addition to the quiet moves on the day, trading volumes were light, with the U.S. bond market was closed in observance of Columbus Day (

What stock benchmarks are doing

The Dow Jones Industrial Average dipped 5 points, or less than 0.1%, to 22,769, after hitting an intraday record at 22,803.37. The S&P 500 slipped a point, or less than 0.1%, to 2,548, after trading less than a point from its intraday peak at 2,552.51. The Nasdaq Composite Index lost 1 point to 6,589 and touched an all-time high of 6,599.34 in early trading.

On Friday, the Dow and S&P 500 edged lower (, pulling back from records, as traders digested a monthly jobs report that was skewed by hurricanes Irma and Harvey ( The Nasdaq managed to eke out an all-time high. Despite that, the recent trend has been solidly higher: the S&P has ended higher in eight of the past nine sessions, not including Monday.

Read:Why stocks may be "on the verge" of a melt-up (

And see:Dow industrials' flirtation with 23,000 is a sign of the stock market's velocity (

So far this year, the Dow has gained 15% as of Friday's close, the S&P is up 14%, and the Nasdaq Composite has risen 22%.

What strategists and traders saying?

"We don't really have any economic news. It's slightly directionless, but there's a bit of weakness in the overall market. People are just a little anxious heading into the beginning of earnings season, and its an odd day with some markets closed for trading," said Robert Pavlik, chief market strategist for Boston Private Wealth Management.

"There's a lot of talking heads who have come out saying the market is overbought, and this is weighing on investors' minds. But you're also hearing the market has further to go from the same market insiders," he said, suggesting the conflicting views on the record rally in stocks had limited further gains.

Which stocks are in focus?

Shares in data-center company Switch Inc. fell 7.8% after they surged 23% on Friday in the company's trading debut (

Wal-Mart Stores Inc.(WMT), led Dow gainers, up 2.8%, amid reports of a speedier return process (

General Electric Co. (GE) shares weighed on blue-chips (GE%27s%20stock%20falls%20toward%202-year%20low%20after%20analyst%27s%20downbeat%20view%20of%20management%20changes), down 3.5% after several high-profile departures ( under new Chief Executive Officer John Flannery, who is under pressure to reboot the company from activist investor Trian Fund Management. The industrial conglomerate is down nearly 26% thus far this year.

See: GE's stock falls toward 2-year low after analyst's downbeat view of management changes (

Check out:Pfizer's stock looks poised to 'pull an Intel' and break out to a multiyear high (

And don't miss:Here's why financial stocks may be running out of steam (

What are other assets doing?

European stocks () finished slightly higher, helped by Spain's IBEX benchmark rallying after last week's tumble that was sparked by Catalonia edging toward secession. The independence movement lately has faced counterprotests and companies threatening to leave the restive region. Asian markets closed mostly higher (

See:This could be the green light to jump into beaten-up Spanish stocks (

Oil futures and gold contracts gained, while the ICE U.S. Dollar Index was off slightly. Analysts said gold was drawing haven demand thanks to a renewed war of words ( between North Korea and President Trump.

Turkey's lira ( was sharply lower against the dollar as a diplomatic spat weighed ( The U.S. and Turkey on Sunday stopped issuing nonimmigrant visas to each others' citizens, in a development that followed the arrest of a U.S. consulate employee in Istanbul.

Additional reporting by Victor Reklaitis

(END) Dow Jones Newswires

October 09, 2017 14:49 ET (18:49 GMT)