Wall Street Snaps Two-Week Winning Streak

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

The broad S&P 500 closed in the red for the first week in three as traders used the early trading days of 2014 to cash in on gains from last year.

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Today's Markets

The Dow Jones Industrial Average climbed 28.6 points, or 0.17%, to 16470, the S&P 500 declined 0.61 point, or 0.61%, to 1831 and the Nasdaq Composite dipped 11.2 points, or 0.27%, to 4132.

For the week, the Dow fell 0.05%, the S&P 500 dipped 0.55% and the Nasdaq slumped 0.59%.

The year started off in a fairly glum way, with the Dow taking a triple-point loss in its worst annual kick off since 2008.

There is no economic data due out on the day, but there may be news from the Federal Reserve. Several speakers will be on tap at the annual forum held by the American Economic Association, including the central bank's outgoing chairman, Ben Bernanke.

Sales figures from the major U.S. automakers are also on the docket.

Ford's (NYSE:F) 2013 retail sales increased by 14% with trucks leading the way with a 17% increase for the year. General Motors' (NYSE:GM) December retail sales slid 6% while fleet sales fell 9%.

Elsewhere in corporate news, analysts at Cantor Fitzgerald said Apple (NASDAQ:AAPL) is their top large-cap pick of 2014.

In commodities, U.S. crude oil futures fell 3 cents, or 0.03%, to $95.41 a barrel. Wholesale New York Harbor gasoline fell 0.07% to $2.786 a gallon. Gold rose $4, or 0.3%, to $1,228 a troy ounce.

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