Dow Logs Record High, But Fails to Hold 16K Mark


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The Dow hit the 16000 mark for the first time ever Monday, however, worries about the Federal Reserve yanked the blue-chip away from the historic level.

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Today's Markets

The Dow Jones Industrial Average climbed 14.3 points, or 0.09%, to 15976, the S&P 500 declined 6.7 points, or 0.37%, to 1792 and the Nasdaq Composite  dropped 36.9 points, or 0.93%, to 3949.

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 81 cents, or 0.83%, to $93.03 a barrel. Wholesale New York Harbor gasoline slid 0.03% to $2.6657 a gallon. Gold dipped $15.80, or 1.2%, to $1,272 a troy ounce.

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