Investors sold stocks moderately lower Monday, ending a five-day rally as rising oil prices and disappointing results from Lowes Cos. raised concerns about a slowdown in consumer spending, the Associated Press reports.
Lowes, the nation's second-largest home-improvement chain after Home Depot Inc., reported second-quarter profit rose 11 percent. However, the company cut its full-year earnings outlook on worries that higher energy prices and a sluggish housing market will curb consumers willingness to spend.
According to preliminary calculations, the Dow Jones industrial average dropped 36.42, or 0.32 percent, to 11,345.05. Last week, the Dow Jones rose 2.65 percent. Broader stock indicators also slid. The Standard & Poor's 500 index lost 4.78, or 0.35 percent, to 1,297.52, and the Nasdaq composite index fell 16.20, or 0.75 percent, to 2,147.75.
Today's Winners & Losers
Finishing the day down were ArtistDirect Inc., which lost 8.8 percent and closed at $3.10 while Enova Systems Inc. lost 7.1 percent and closed out Monday at $4.60.
On the up swing were Kennedy Wilson Management Group, which gained 8.9 percent to close at $19.05, while YouBet.com Inc. gained 5.6 percent to close the day at $3.92 a share.
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