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CNBC.com
Stocks pulled back Monday as the dollar gained strength, dragging on commodity and other stocks, and investors took a breather after the recent run-up.
Stocks have gone too far, too fast, and are due for a retreat, Pimco's Bill Gross said this morning on CNBC.
"We think the market ... is due for a pullback or setback only because it's gone so far and economic growth cannot go so far," Gross said.
The Dow ended within 200 points of the 10,000 mark last week, its best weekly performance in two months. The last time the Dow breeched 10,000 was early October.
The dollar gained across the board Monday, dragging on commodity prices: Oil dropped nearly $3, falliing below $70 a barrel.
It impacted a wide range of stocks, from commodities to multinationals: Alcoa, DuPont and Caterpillar were among the biggest drags on the Dow. Dow energy components ExxonMobil and Chevron were also lower, as were multinationals such as Coca-Cola and Disney.
Caterpillar shares [CAT
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] also took a hit from news that August sales of bulldozers and other equipment to dealerships declined in August.
The Nasdaq pushed into positive territory, boosted by biotech stocks after a brokerage raised its rating on Celgene [CELG
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].
Dell [DELL
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] skidded after the computer maker announced that it is buying Perot Systems for $3.9 billion in cash and plans a tender launch for all of the computer-services company's Class A shares for $30 a share.
Perot shares [PER
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] jumped more than 50 percent.
Lennar [LEN
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] declined after the homebuilder reported its loss widened but said new orders are on the rise.
The week began with a relatively light economic calendar. In today's only datapoint: Leading indicators rose 0.6 percent in August, the fifth straight monthly gain and highest reading since January 2008. This came after a revised 0.9-percent gain in July and was slightly lower than the 0.7-percent uptick economists had expected.
President Barack Obama said innovation is the key to creating jobs during a speech at a community college in Troy, NY. The president's push for his domestic agenda came ahead of weeklong meetings on international priorities.
San Francisco Fed President Janet Yellen will speak on the economic outlook and monetary policy in a San Francisco Speech just before 4 pm.
The big event this week is the Federal Reserve's two-day meeting, which kicks off on Tuesday.
We'll also get a new round of Treasury auctions, which provide a read on demand for U.S. debt. Plus, readings on durable goods, consumer sentiment and home sales.
Financials were mostly lower but Citigroup [C
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] advanced.
And AIG [AIG
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] soared in heavy trading following news that the leader of a key congressional committee, Rep. Edolphus Towns, is considering a possible loan revision to extend the term and lower the rate to buy AIG some time.
Dow component and CNBC parent General Electric [GE
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] advanced amid speculation that Vivendi may sell its 20-percent stake in GE's NBC Universal unit. Vivendi, for its part, is keeping mum on its intentions.
Applied Materials, [AMAT
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] was also among the biggest decliners on the Nasdaq 100 as the chip-equipment maker holds an investor briefing in Hamburg, Germany.
Wynn Resorts [WYNN
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] rose as the casino operator is reportedly set to increase the size of its Hong Kong IPO for its Macau casino assets, as it seeks to raise about $1.6 billion.
News Corp. [NWS
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] took a shot across the bow at Facebook, announcing the beta rollout of an application that allows users to sync their MySpace status updates with their Twitter feed, so that the update will automatically appear in both places without having to type it twice. News Corp. said it plans a global rollout of the app in a few weeks.
Still to Come:
TUESDAY: Two-year auction; two-day Fed meeting begins
WEDNESDAY: Weekly mortgage applications; weekly crude inventories
THURSDAY: G-20 summit begins; weekly jobless claims; existing-home sales; seven-year auction; Earnings from RIM
FRIDAY: Durable-goods orders; consumer sentiment; new-home sales; Earnings from KB Home
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