December 30th , 2013 10:17 am Leave a comment

Stocks are flat in quiet end-of-year trading

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NEW YORK (AP) — Stocks were little changed in early trading Monday as investors closed out their positions for what has been a historic year on Wall Street.

Traders had little corporate or economic news to work through. The bond market was quiet as well. The yield on the benchmark 10-year Treasury note continued to hover near 3 percent.

KEEPING SCORE: The Dow Jones industrial average was up 5 points, or less than 0.1 percent, to 16,426 in the first half-hour of trading. The Standard & Poor’s 500 index fell less than a point to 1,840 and the technology-heavy Nasdaq composite fell 13 points, or 0.3 percent, to 4,144.

TWITTER TUMBLE: Twitter was among the biggest decliners in early trading. Twitter lost $3.99, or 6 percent, to $59.95. Wall Street analysts said Friday that the stock, which is still up 44 percent this month alone, had risen too far, too fast. Twitter slumped 13 percent on Friday.

OTHER TECH STOCKS ALSO LAG: Facebook lost $1.23, or 2 percent, to $54.25 and Netflix fell $5.65, or 2 percent, to $361.70. Both were among the year’s biggest gainers. Facebook rose more than 100 percent in 2013, Netflix nearly 300 percent.

END OF THE YEAR: Both the New York Stock Exchange and the Nasdaq Stock Market will be closed Wednesday for New Year’s Day. Trading is expected to be volatile as investors use the next two trading days to close out their positions for 2013.

CROCS JUMPS: Crocs soared $1.72, or 15 percent, to $15.02 after the company announced it was getting a $200 million investment from private equity firm Blackstone and its CEO was retiring.

JAPAN CLOSES OUT HISTORIC YEAR: Japan’s Nikkei stock index closed higher for a ninth straight day Monday. The index ended 2013 up 57 percent, its best year in decades.

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