Dow Fails to Hold 16K Level


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The Dow climbed past the 16000 mark for the first time ever Monday, but the blue-chip average pulled back in afternoon action.

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Today's Markets

As of 3:17 p.m. ET, the Dow Jones Industrial Average climbed 9.2 points, or 0.06%, to 15971, the S&P 500 declined 6.6 points, or 0.37%, to 1792 and the Nasdaq Composite edged dropped 35 points, or 0.88%, to 3951.

In a sign of the strength of the recent rally, the blue-chip average closed above the 15000 mark for the first time just 136 trading days ago. It marks the sixth-fastest time the Dow has added 1000 points.

The Federal Reserve was expected to stay in focus this week, with several prominent officials speaking and minutes from the last FOMC meeting out Wednesday.

New York Fed chief William Dudley said the economy appears to be strengthening despite fiscal headwinds. The remarks sparked worries that the central bank could begin paring back its bond-buying program as soon as December.

Also on the economic front, the National Association of Home Builders reveals its latest reading on homebuilder sentiment at 10 a.m. ET. The housing sector, which was pummeled during the financial crisis, has been a centerpiece of the recovery. However, higher mortgage rates have put some pressure of the segment recently.

In corporate news, Boeing (NYSE:BA) shares rallied after the aerospace giant revealed $95 billion in orders for its 777X plane -- representing the largest commercial jet launch in history by dollar value, according to the company. Tyson Foods (NYSE:TSN) posted quarterly profits that narrowly beat analysts' expectatins.

Elsewhere, U.S. crude oil prices fell 36 cents, or 0.38%, to $93.48 a barrel. Wholesale New York Harbor gasoline slid 1.1% to $2.628 a gallon. Gold dipped $8.80, or 0.69%, to $1,279 a troy ounce.

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