US stocks retreated somewhat on Monday, having risen to record highs in the previous two sessions following the Federal Reserve's QE3 decision.

Knocking confidence was a decline in the price of crude oil, which fell 2.4%, or $2.38, to $96.62 per barrel on the New York Mercantile Exchange.

Also causing concern were figures from the Federal Reserve of New York which appear to show economic activity in the state is slowing with the so-called general economic index falling to minus 10.41 in September from minus 5.85 in August. Anything below 0 indicates contraction.

However, Paul Nolte, the Managing Director at Dearborn Partners in Chicago, was reported as saying: "Given the rally we've had for two straight days, today's profit-taking is pretty mild. All that matters at this point is the Fed is going to continue to be a major player in the financial markets, and continue to buy, essentially forever."

Overseas worries

Investors are concerned that Spain has yet to ask its Eurozone partners and the European Central Bank for formal assistance, thereby prolonging the crisis that has crippled Europe since 2009.

News out of China further darkened the mood with Citigroup cuttings its growth forecast for the world's second largest economy from 8.0% to 7.6%.

Banks surrender some recent gains



The banks were having a bad day with Bank of America and JP Morgan Chase both prominent among the fallers.

Also firmly lower was video streaming outfit Netflix, which has been added to Macquarie Capital USA's research universe, and starts life therein with an "underperform" rating.

Shares in Complete Genomics leapt over 13% after entering into a definitive merger agreement with BGI-Shenzhen, which will buy all of Genomic's shares at $3.15 a pop.

Iris International soared 45% after Danaher Corp. announced an agreement to buy and merge with the in-virto diagnositc company, at $19.50 per share.

JP Morgan turned neutral on steel firms AK Steel and US Steel, plus miner Cliffs Natural Resources, having previously had "outperform" ratings for all three.

Office supplies firm Office Depot rose sharply on news of an investment from Starboard Value.

Reports of the demise of Apple-mania appear to have been premature, as the purveyor of premium priced products to the mass market reported record sales of its iPhone 5 iteration, pushing the stock to a new all-time high.

US investment bank Morgan Stanley upgraded its rating for Tesla Motors to 'overweight' from 'underweight'. It also raised the price target for the electric car maker to $50 from $45.

Morgan Stanley analysts believe that the market has priced in the fear that the launch of Tesla's S model will be delayed. They point out that the stock has recently underperformed the market.

Other Markets



The yield on 10-year US Treasuries was at 1.83% at the close.


S&P 500 - Risers
Gilead Sciences Inc. (GILD) $65.82 +6.13%
Chipotle Mexican Grill Inc. (CMG) $346.47 +2.98%
Tenet Healthcare Corp. (THC) $5.93 +2.95%
Advanced Micro Devices Inc. (AMD) $4.01 +2.82%
Dean Foods Co. (DF) $16.53 +2.48%
Gap Inc. (GPS) $36.06 +2.44%
Constellation Brands Inc. Class A (STZ) $32.91 +2.24%
Amerisource Bergen Corp. (ABC) $38.01 +1.74%
Intuitive Surgical Inc. (ISRG) $510.30 +1.72%
Fidelity National Information Services Inc. (FIS) $32.23 +1.67%

S&P 500 - Fallers
Cliffs Natural Resources Inc. (CLF) $42.34 -7.05%
Vulcan Materials Co. (VMC) $46.21 -6.02%
Netflix Inc. (NFLX) $57.02 -5.78%
Alpha Natural Res (ANR) $8.06 -5.73%
First Solar Inc. (FSLR) $23.24 -5.57%
Valero Energy Corp. (VLO) $32.04 -5.07%
LSI Corporation (LSI) $7.50 -4.94%
United States Steel Corp. (X) $21.27 -4.83%
Allegheny Technologies Inc. (ATI) $35.00 -4.76%
Teradyne Inc. (TER) $15.67 -4.63%

Dow Jones I.A - Risers
Pfizer Inc. (PFE) $24.03 +0.97%
AT&T Inc. (T) $37.58 +0.86%
Merck & Co. Inc. (MRK) $43.99 +0.85%
Coca-Cola Co. (KO) $38.31 +0.50%
McDonald's Corp. (MCD) $92.10 +0.44%
International Business Machines Corp. (IBM) $207.18 +0.18%
Hewlett-Packard Co. (HPQ) $18.20 +0.17%
Procter & Gamble Co. (PG) $69.25 +0.13%
Verizon Communications Inc. (VZ) $44.55 +0.04%
Microsoft Corp. (MSFT) $31.21 +0.00%

Dow Jones I.A - Fallers
Alcoa Inc. (AA) $9.58 -2.64%
Bank of America Corp. (BAC) $9.31 -2.51%
Boeing Co. (BA) $69.93 -1.89%
Cisco Systems Inc. (CSCO) $19.15 -1.74%
Caterpillar Inc. (CAT) $92.00 -1.26%
E.I. du Pont de Nemours and Co. (DD) $51.68 -1.07%
Home Depot Inc. (HD) $58.87 -0.99%
JP Morgan Chase & Co. (JPM) $41.21 -0.88%
Wal-Mart Stores Inc. (WMT) $74.00 -0.67%
Kraft Foods Inc. (KFT) $39.70 -0.58%

Nasdaq 100 - Risers
Gilead Sciences Inc. (GILD) $65.82 +6.13%
Intuitive Surgical Inc. (ISRG) $510.30 +1.72%
Life Technologies Corp. (LIFE) $49.71 +1.57%
Apple Inc. (AAPL) $699.75 +1.23%
Alexion Pharmaceuticals Inc. (ALXN) $111.73 +1.14%
eBay Inc. (EBAY) $50.48 +1.02%
Randgold Resources Ltd. Ads (GOLD) $121.41 +0.89%
Priceline.Com Inc. (PCLN) $642.99 +0.86%
Amgen Inc. (AMGN) $82.06 +0.86%
Stericycle Inc. (SRCL) $93.86 +0.74%

Nasdaq 100 - Fallers
Netflix Inc. (NFLX) $57.02 -5.78%
Research in Motion Ltd. (RIMM) $7.26 -3.97%
Sirius Satellite Radio Inc. (SIRI) $2.39 -3.24%
Nvidia Corp. (NVDA) $13.45 -2.82%
Cognizant Technology Solutions Corp. (CTSH) $69.03 -2.77%
Liberty Interactive Corp (LINTA) $18.79 -2.44%
Seagate Technology Plc (STX) $29.75 -2.41%
Marvell Technology Group Ltd. (MRVL) $10.10 -2.32%
Electronic Arts Inc. (EA) $14.20 -2.07%
Staples Inc. (SPLS) $11.96 -2.05%

NR

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