Stocks ended mostly lower in thin trading Monday, as renewed weakness in energy and financial service stocks outweighed gains in information technology shares.
Trading was muted by Columbus Day closings of major banks and government agencies. The Treasury securities market was closed.
The Dow Jones industrial average slipped 22.28 points, to 14,043.73. The Standard & Poor’s 500 index retreated from its record-high close Friday.
Exxon Mobil was a major contributor to the declines in the Dow and S&P 500, after crude oil futures dropped $2.20 a barrel, to $79.02, in New York futures trading. Exxon Mobil dropped 68 cents, to $90.68.
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Technology stocks advanced. Google closed above $600 for the first time on word that the company is developing software to run mobile phones. Only five other stocks trade at per-share prices greater than $600, according to Bloomberg News: two classes of Berkshire Hathaway stock, Chicago-based futures trading firm CME Group, agribusiness giant Seaboard and Washington Post.
Google closed up $15.57, to $609.62.
After the close of regular trading, shares of restaurant operator Yum Brands advanced more than 3 percent. The company posted better-than-expected quarterly profits. The company raised its forecast of 2007 results and said it would repurchase as much as $1.25 billion of its stock. Shares gained $1.94, to $36.29, in Monday’s regular trading session.
Among other stocks in the news, trucking operator Ryder Systems dropped $3.33, to $45.92. The company reduced its profit forecast, blaming prospects for a weaker economy.
Broker Merrill Lynch lost $2.55, to $74.12. Analysts at JPMorgan Chase and Credit Suisse cut their investment ratings of the stock to “neutral.” Last week, Merrill Lynch said it expected to report a third-quarter loss because of write-downs of risky loans related to mortgages and corporate buyouts.
New York Stock Exchange trading volume reached 849 million shares, down from 1.25 billion shares Friday. Losing stocks outnumbered winners by nearly a 2-1 ratio. Nasdaq volume totaled 1.50 billion shares, down from 1.99 billion shares Friday. Losers topped winners by a 3-2 ratio among Nasdaq stocks.