by Marc Bastow | March 4, 2013 4:47 pm
Investors shrugged off worries about the sequestration cuts signed into law Friday as well as fresh concerns of a housing bubble in China as an afternoon rally put the major indices broadly ahead by the end of Monday’s trading.
The S&P 500 led the way, finishing up 0.46% at 1525.20, while the Nasdaq finished up 0.39% at 3182.03. The Dow Jones Industrial Average rose 0.27% to close at 14127.82.
Several Dow components with exposure to China faltered amid the overall move to the upside, including Caterpillar (NYSE:CAT, -1.8%) and United Technologies (NYSE:UTX, -1.1%). The Nasdaq was held back from further gains by Apple (NASDAQ:AAPL), which fell 2.5% and set fresh 52-week lows at less than $420 per share.
Shares of social daily deal site Groupon (NASDAQ:GRPN) rose another 6%-plus in the wake of last week’s firing of founder and CEO Andrew Mason.
Electric car maker Tesla (NASDAQ:TSLA) saw its shares rise more than 2% despite announcing a delay in the release of its 10-K due to a possible error in calculating non-cash items relating to capital expenditures. Tesla did say that the changes would not affect its previously reported quarterly numbers.
Yahoo (NASDAQ:YHOO) rose more than 3% on the day after the company announced it will stop work on seven products and reduce mobile apps to 12-15 from the 60-70 currently available.
Lastly, bed manufacturer and retailer Select Comfort (NASDAQ:SCSS) plunged more than 15% after announcing that February sales were weaker than anticipated.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL and YHOO.
Source URL: http://investorplace.com/2013/03/mondays-ip-market-recap-cat-utx-grpn-tsla-scss-tpz-ao/
Short URL: http://invstplc.com/1fua9wb
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.