Stocks close lower as tech stocks drop
Stocks closed slightly lower Monday as the major indexes failed to build on Friday's rebound.
Tech stocks led the decline as the Nasdaq composite index dropped 20.82 points, or 0.5%, to 4454.80.
The Dow Jones industrial average dropped 17.78 points, or 0.1%, to 16,991.91 and the Standard & Poor's 500 index fell 3.08 points, or 0.2%, to 1964.82.
On Friday -- at the end of a wild week marked by anxiety over Hong Kong protests, slowing global growth and Ebola -- the U.S. stock market staged a strong rally after a report showed a pickup in hiring last month, with the Dow pushing back above the 17,000 level.
But many investors remain uncertain about the outlook for stocks as the Fed nears the end of its stimulus program and considers raising rates.
"The tug of war between the bulls and the bears is ongoing now," said Quincy Krosby, a market strategist at Prudential Financial.
Some encouraging corporate news helped boost several stocks:
•Hewlett-Packard (HPQ) stock jumped 4.7% to $36.87 on news that HP will split into two: Hewlett Packard Enterpirse, led by HP CEO Meg Whitman, will sell computer servers, data-storage gear, software and other services to corporations. HP Inc. will consist of the PC and printer business and will be led by hardware chief Dion Weisler.
• Shares of medical-equipment maker Carefusion (CFN) surged 23% to $56.75 on word that it was being acquired by its rival Becton Dickinson. Becton (BDX) gained 7.9% to $124.98.
Overseas, Asian markets were higher as Japan's Nikkei 225 rose 1.2% to 15,890.95 and Hong Kong's Hang Seng index added 1.1% to 23,315.04.
European shares gained, with the FSTE of Britain rising 0.6% to 6563.65 and Germany's DAX index gaining 0.2% to 9209.51.
Among notable currencies news, Russia's ruble fell to new lows against the dollar and euro.
Contributing: Paste BN's Kim Hjelmgaard; Associated Press