U.S. stocks closed mixed on Monday, with Dow lower and the S&P 500 showing the longest streak of quarterly gains since 1998, as investors sorted through data in trying to determine the direction of the U.S. economy.
Shares of General Motors fell almost 1 percent after the auto manufacturer said it was recalling another 7.6 million vehicles. American Apparel declined after the clothing retailer turned back a request by ousted Chief Executive Dov Charney for an investor meeting. Yahoo gained after Piper Jaffray upgraded the internet search engine to overweight from neutral.
"There are two things out of whack. One is the 2.9 percent GDP for the first quarter, which is a very misleading indicator for the economy," David Kelly, chief global strategist at JPMorgan Funds, said of last week's shockingly weak read on the economy's performance in the first three months of the year.
"The other thing that is really out of whack is the relatively low level of long-term interest rates. It is puzzling why anybody who is a willing buyer of Treasurys would want to buy them, as there are no general expectations of a slowdown in the economy," said Kelly.