Stocks Flat as Home Sales Drop, McDonald's Decelerates
The S&P gained 0.01% to 1,744.65, while the Dow Jones Industrial Average was off 0.05% to 15,392.01. The Nasdaq added 0.15% to 3920.05.
McDonald's shares dipped 0.6% to $94.44 after the fast food giant said global October comparable sales will likely be flat.
"We're taking a break after the end of last week but with government
Last week the S&P 500 had its strongest weekly gain since July, fueled by speculation the Federal Reserve will delay cutting bond purchases. Chicago Fed President Charles Evans told CNBC Monday that the Fed may not begin tapering for several months given the government shutdown had muddied the economic outlook.
Existing home sales slipped 1.9% in September to a seasonally adjusted annual rate of 5.29 million from 5.39 million in August as higher prices hurt affordability. They were still 10.7% above levels a year earlier. Economists polled by Bloomberg were expecting sales of 5.3 million units.
Other data on tap this week include the September government jobs report on Tuesday. The report has been delayed for more than two weeks amid the shutdown of government services. Ahead of the September employment report and the October government job report that will be due in a few weeks, expectations are that the Fed will unlikely embark on any tapering of its bond-purchasing program given the uncertainties surrounding the impact of the partial government shutdown and protracted fiscal debates on the U.S. economy.
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