U.S. stocks closed little changed Monday, but the S&P 500 ended at another record.
In U.S. economic news, the Federal Reserve (Fed) has a policy meeting this week and is widely expected to say it will continue buying $85 billion in bonds and mortgage-backed securities a month. Investors had expected the Fed to cut back, or taper, its bond buying this year.
In corporate news, shares of Merck fell after the drugmaker reported sales that missed forecasts. Burger King surged after the fast food chain reported earnings and revenue that topped forecasts. Shares of Netflix, which reported strong results last week, were down nearly 4 percent. Tesla shares also slid. The electric car maker’s stock has more than tripled in price this year. Facebook was under pressure ahead of the company’s third-quarter report Wednesday. The stock has been on a tear since the social network surprised investors in July with strong results in mobile advertising.
The dollar gained ground against the euro and the yen, but lost ground to the pound. Light sweet crude oil for December delivery rose 83 cents to $98.68 a barrel on the New York Mercantile Exchange. Gold futures lost 30 cents to $1,352.20 an ounce.
The Dow Jones industrial average dropped 1.35, or 0.01 percent, to 15,568.93. The broader Standard & Poor’s 500 index climbed 2.34, or 0.13 percent, to a record 1,762.11. The technology-heavy Nasdaq composite index fell 3.23, or 0.08 percent, to 3,940.13.