NEW YORK (AP) — Stocks flickered between small gains and losses on Monday as investors assessed the latest data on housing. The stock market is set to end June with its seventh straight quarterly gain.
KEEPING SCORE: The Standard & Poor's 500 index rose 0.3 points, or less than 0.1 percent, to 1,961 as of 12:18 p.m. Eastern time. The index has gained 4.7 percent in the second quarter. The Dow Jones industrial average fell 14 points, or 0.1 percent, to 16,837. The Nasdaq composite climbed nine points, or 0.2 percent, to 4,407.
PENDING HOME SALES: The number of Americans who signed contracts to buy homes shot up in May. The National Association of Realtors said Monday that its seasonally adjusted pending home sales index rose 6.1 percent to 103.9 last month. It was the sharpest month-over-month gain since April 2010. The stocks of home builders rose. D.R. Horton gained 71 cents, or 3 percent, to $24.57. Lennar gained 35 cents, or 0.8 percent, to $41.94.
THE BACKDROP: Major stock indexes remain close to all-time highs after advancing in the second quarter amid signs that the U.S. economy is gradually strengthening after a winter slowdown. The long stretch of gains for stocks has left some investors wary.
"We are cautious. We see a little bit of a pullback here because we haven't seen one for quite some time," said Sean Lynch, managing director of global equity and research strategy for Wells Fargo private bank.
A DEAL: Pittsburgh-based PPG Industries announced plans to buy Mexico's Consorcio Comex for $2.3 billion. The maker of paints wants to bolster its business in Mexico and Central America. PPG Industries rose $6.01, or 2.9 percent, to $209.99.
DIABETES: MannKind jumped $1.12, or 11.1 percent, to $11.10 after the Food and Drug Administration on Friday approved Afrezza, a diabetes medication to help patients control their blood sugar levels during meals.
SHORTENED WEEK: The stock market will close at 1 p.m. Eastern Time on Thursday, ahead of the July 4 holiday. Before that investors will receive reports on manufacturing, construction spending and hiring. The government's monthly jobs report will be released Thursday morning.
BONDS AND COMMODITIES: In the market for government bonds, the yield on the 10-year note fell to 2.52 percent from 2.54 percent on Friday. Bond yields fall when prices rise. The price of crude oil dropped 57 cents, or 0.6 percent, to $105.17.