July 29, 2013
Three big mergers failed to excite investors Monday. Instead, Wall Street is focusing on a busy week of economic reports, a Federal Reserve policymaking session and a heavy week of second-quarter earnings reports.
In afternoon trading, the Dow Jones industrial average was down 0.2%, and the broader Standard & Poor’s 500 index was down 0.3%. The tech-laden Nasdaq composite index was down 0.3%.
After a less than one-point drop to 1,691.65 last week, which snapped a four-week winning streak, and an unsuccessful attempt to top the key 1,700 level for the first time, the next move of the S&P 500 could be determined by the latest update on monetary policy from the Federal Reserve, and fresh readings on U.S. economic growth and job growth.