Wall Street can?t sustain big roll, stocks end lower

By Reuters

NEW YORK -- U.S. stocks finished down on Monday following their best two-day run this year, as investors waited to see if central bankers later this week will suggest more stimulus is in the offing.?

Investors have been hoping the Federal Reserve and the European Central Bank at this week's meetings will suggest further action to stimulate demand is on the way in the coming months. Last week a strong statement from ECB President Mario Draghi pushed the Dow above 13,000 for the first time since early May, and gave the S&P 500 its biggest two-day rally since December.

Early gains on Monday faded in midday trading, as did some of the optimism for meaningful stimulus.

According to preliminary calculations, the Dow Jones Industrial Average was down 3.71 points, or 0.03 percent, at 13,071.95. The Standard & Poor's 500 Index was 0.71 points lower, or 0.05 percent, at 1,385.26. The Nasdaq Composite Index was down 12.25 points, or 0.41 percent, at 2,945.84.

"I don't think American investors are sold on Europeans doing what they need to do to get the job done. People believe the Europeans have a harder time getting a consensus to solve whatever problems they have," said Peter Costa, president of Empire Executions Inc in New York.

The sectors least sensitive to consumer demand - telecom services, consumer staples, and utilities - remained up, but the healthcare, industrials and financial sectors declined.

"Right now we see things sitting on the sidelines. Regardless of what's happening in Europe, it's just as important what's happening in the U.S.," said Daniel Stecich, a trader with TJM Institutional Services in Chicago. "I think the Fed's going wait to see what the data brings before they make any type of decision."

Discussing the state of the markets and what investors can expect from this week's trading, with Mike Shea, Direct Access Partners.

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Copyright 2011 Thomson Reuters. Click for restrictions.

Source: http://marketday.nbcnews.com/_news/2012/07/30/13036488-wall-street-cant-sustain-big-roll-stocks-end-lower?lite

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