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Major Averages Close Modestly Lower After Lackluster Session - U.S. Commentary

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Stocks showed a lack of direction during trading on Monday before the major averages ended the day modestly lower.

The Dow edged down 12.60 points or 0.1 percent to 22,761.07, the Nasdaq dipped 10.45 points or 0.1 percent to 6,579/73 and the S&P 500 slipped 4.60 points or 0.2 percent to 2,544.73.

The choppy trading on Wall Street came as many traders were away from their desks due to the Columbus Day holiday.

While the stock markets were open on the day, the bond markets, banks, and non-essential federal government offices were closed.

The economic calendar for the week subsequently starts off relatively quiet, although reports on producer and consumer prices and retail sales are likely to attract attention in the coming days.

The Federal Reserve is also due to release the minutes off its latest monetary policy meeting on Wednesday, potentially shedding some light on the outlook for interest rates.

Additionally, financial giants Citigroup (C), JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) are due to report their quarterly results later this week as the earnings season gets underway.

Steel, trucking and airline stocks saw considerable weakness of the day, while strength was visible among tobacco and gold stocks.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Monday, although markets in Japan, South Korea and Taiwan were closed for holidays. China's Shanghai Composite Index advanced by 0.8 percent.

Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index dipped by 0.2 percent, the French CAC 40 Index inched up by 0.1 percent and the German DAX Index rose by 0.2 percent.

As mentioned above, the U.S. bond markets are closed due to the Columbus Day holiday.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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