Stocks closed mostly lower in moderate trading Monday, as traders awaited the report on April consumer price inflation, due Tuesday morning.
A surprise that belies the benign inflation forecast could unsettle recently bullish financial markets.
Traders will also get a look at the latest quarterly results for Home Depot and Wal-Mart Stores, as well as a monthly gauge of sentiment in the home-building industry.
The Dow Jones industrial average closed up 20.56 points, at 13,346.78. Caterpillar and General Motors were the biggest contributors to the Dow’s gain.
Financial-services stocks, including Dow components Citigroup, JPMorgan Chase, American International Group and American Express, lost ground amid the inflation anxiety.
Shares of GM rose $1.16, or nearly 4 percent, to $30.62, in the wake of news that a private-equity firm planned to acquire an 80 percent stake in rival Chrysler. Bear Stearns boosted its investment rating on GM to “outperform” from “peer perform,” saying the Chrysler deal “opens the door to further restructuring in Detroit.”
DaimlerChrysler shares added $2.12, to $84.12, after trading as high as $85.16 early in the day. Ford Motor advanced 34 cents, or more than 4 percent, to $8.71, amid speculation that the Ford family might seek to reduce its stake.
The Standard & Poor’s 500 index slipped 2.70, to 1503.15, reflecting a decline in financial-services and technology stocks.
The Nasdaq composite index lost 15.78, to 2546.44.
Equity analysts at Standard & Poor’s removed their “buy” rating on computer-maker Dell. Among popular Nasdaq tech stocks, Qualcom, Cisco Systems, Yahoo, Google and Intel lost ground. Nasdaq tech winners included Apple, Microsoft, Applied Materials and Sun Microsystems.
The Russell 2000 index of small-company stocks dropped 7.21, to 822.33.
New York Stock Exchange volume reached 1.39 billion shares. Losing stocks beat winners by a 7-4 ratio among NYSE-listed stocks. Nasdaq volume totaled 1.95 billion shares, as losers topped winners by a 2-1 ratio.
Crude oil prices advanced in futures trading, but gasoline prices eased. Oil for June delivery rose 9 cents a barrel, to $62.46. Unleaded gasoline fell 5.09 cents a gallon, to $2.30.
