NEW YORK -- U.S. markets wobbled and finished lower Monday as investors waited for central bank meetings in the United States and Japan. Health care and technology companies took some of the biggest losses while banks rose.
While advancing stocks far outnumbered decliners, the Dow Jones industrial average dipped 3.63 points, or less than 0.1 percent, to 18,120.17. The Standard & Poor's 500 index lost 0.04 point to 2,139.12. The Nasdaq composite fell 9.54 points, or 0.2 percent, to 5,235.03.
Investors were indecisive as leaders of the Federal Reserve and Bank of Japan prepared for their respective meetings, and stocks swung several times between gains and losses. The Dow rose as much as 131 points early on, then fell as much as 30 points in the afternoon. Banks, utility companies and machinery-makers rose. Bond yields edged higher, and the dollar weakened.
Russ Koesterich, head of asset allocation with BlackRock's Global Allocation Fund, said investors don't expect the Fed to raise interest rates. However, he said investors have more questions about the Bank of Japan's plans.
"They could decide to introduce more stimulus, but it could take a lot of different forms," he said. "One of the questions ... is not only what will they do, but what would the market like to see?"
The Fed will meet today and announce its latest decision on interest rates Wednesday. Bank shares rose as some investors hoped that interest rates will rise, which would allow banks to make more money from lending. JPMorgan Chase rose 37 cents, or 0.56 percent, to $66.19, and Wells Fargo gained 58 cents, or 1.3 percent, to $46.01.
Technology-products distributor Tech Data jumped after it said it will buy the technology-solutions business of Avnet for $2.6 billion in cash and stock. Tech Data says the deal will give it operations in 35 countries. Its stock rose $15.46, or 22.3 percent, to $84.80. Avnet gained $2.68, or 6.8 percent, to $41.89.
Meanwhile, network control company Infoblox agreed to be bought by Vista Equity Partners for $26.50 per share, or $1.51 billion. Infoblox's stock surged $3.52, or 15.4 percent, to $26.35.
Despite those gains, the broader technology sector gave up an early advance and finished mostly lower. Apple, which surged last week and reached its highest price this year, lost $1.34, or 1.2 percent, to $113.58. Intel fell 51 cents, or 1.4 percent, to $37.16.
Health care stocks also lagged. Merck fell 95 cents, or 1.5 percent, to $61.33 after rival Sanofi said it was suing the company. Sanofi says Merck infringed on patents protecting the insulin drug Lantus. Eye-drug maker Regeneron Pharmaceuticals fell $5.80, or 1.4 percent, to $402.83.
General Motors gained 75 cents, or 2.4 percent, to $31.72 after an analyst said auto sales, which are at record highs, should remain strong for several years. Analyst Adam Jonas of Morgan Stanley raised his rating on GM to "Overweight" and raised his price target to $37 a share from $29.
Benchmark U.S. crude rose 27 cents to $43.30 a barrel in New York. Brent crude, used to price international oils, rose 18 cents to $45.95 a barrel in London.
Gold rose $7.60 to $1,317.80 an ounce. Silver added 43 cents, or 2.3 percent, to $19.29 an ounce. Copper remained at $2.16 a pound.
Business on 09/20/2016