Stocks got off to a sluggish start on the first day of trading in the New Year, ending the day mixed as a report showed that manufacturing growth slowed in December. <\/p>\n
U.S. factory activity grew at the slowest pace in six months last month, weakened by declines in orders and production, according to the Institute for Supply Management. While the sector is still in good health, growth was slower than economists had forecast. <\/p>\n
The stock market climbed to record levels at the end of 2014 and investors may now be reassessing the outlook for the market at the start of the year, said Brad McMillan, chief investment officer for Commonwealth Financial, an independent broker-dealer firm. While growth prospects in the U.S. look decent, in Europe and Asia they are less encouraging. <\/p>\n
Investors are \"stepping back and saying, 'now we're in the New Year, let's take a fresh look,' \" said McMillan. \"There's certainly some degree of, I wouldn't say pessimism, but readjustment, going on.\" <\/p>\n
The Standard & Poor's 500 index fell 0.70 points, or less than 0.1 percent, to 2,058.20. The Dow Jones industrial average rose 9.92 points, or less than 0.1 percent, to 17,832.99. The Nasdaq composite dropped 9.24 points, or 0.2 percent, to 4,726.81. <\/p>\n
Stocks had another good year in 2014, but the rally faded in the final days of the year. The S&P 500 climbed 11.4 percent, after rising 29.6 percent in 2013. To justify those gains, company earnings will have to keep growing. <\/p>\n
\"We don't think the U.S. equity market is going to do anywhere near as well this year\" as it has in recent years, said Dan Morris, global investment strategist at TIAA-CREF, an investment manager. \"There's a lot more that could go wrong than could go right in the U.S.\" <\/p>\n
Morris says stock investors should expect returns in the single digits this year, and should also brace themselves for higher levels of volatility as the Federal Reserve moves toward its first rate increase since 2006. <\/p>\n
On Friday, stocks started out with solid gains, then fell back after the ISM published its manufacturing report. After drifting lower for much of the afternoon, the market recovered slightly and ended the day little changed. <\/p>\n
U.S. crude fell after moving between losses and small gains. The price dropped 58 cents to $52.69 a barrel in New York. Brent crude, the international standard, declined 91 cents to $56.42. <\/p>\n
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US Stocks Mixed; Health Care Gains, Energy Slips<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Stocks got off to a sluggish start on the first day of trading in the New Year, ending the day mixed as a report showed that manufacturing growth slowed in December. U.S. factory activity grew at the slowest pace in six months last month, weakened by declines in orders and production, according to the Institute for Supply Management Continue reading