Stocks closed with little changes Monday as indexes neared record highs. Investors were concerned about the correction that slashed earlier gains that was attributed to the news of upcoming acquisitions. Early in the trading session, investors’ sentiment was high due to the deal news that included Yahoo’s plan to buy Tumblr. The Standard & Poor’s 500 Stock Index as well as the Dow Jones industrial average reached intraday highs.
The top gainers for the day included solar companies. JA Solar Holdings rose after an unexpected increase in revenue and a quarterly loss that was less than estimates. Energy stocks were also top gainers in the S&P 500. Consumer stocks dragged down the market for the day. The S&P energy sector index increased 1.3 percent. On the other hand, the S&P consumer staples index dropped 1 percent.
The Dow increased to an intraday high of 15,391.84 earlier in the session. S&P 500 neared a new intraday high at 1,672.84. Both indexes are up around 17 percent for 2013. Analysts said that the day was a slow period for economic data or news and that was the reason for non-movement of stocks.
The S&P 500 is up almost 1,000 points since its low in March 2009. More than 38 percent of the stocks from the S&P 500 reached a 52 week high last week, which was the highest percentage since 1990. The Dow dropped 19.12 points to 15,335.28 to close in New York. The Nasdaq composite index dropped 2.54 points to close at 3,496.43. The S&P 500 went down 1.18 points to end at 1,666.29.
Yahoo announced that it will acquire Tumblr for $1.1 billion cash. It would give the company a means to reach the younger generation of internet users and revive the brand. Yahoo shares increased 0.2 percent to $26.58.
Chinese solar products manufacturer JA Solar increased 70.4 percent to $9.56. It was attributed to the company’s focus on margins over volume paid off as the company divided its operating loss in the first quarter by selling more solar panels in Japan.