Stocks drifted on Monday as investors were reluctant to push stocks higher after briefly touching another high for the year.
The dollar rose against other major currencies while the euro fell, hitting a record low against the Swiss franc and a two-week low versus the greenback as investors fretted over euro zone debt problems.
Investors were reluctant to push stocks higher after a run of solid economic data, which has pushed the Standard & Poor's 500 benchmark index up 5.4 percent for the month and 11.6 percent for the year.
We are a little elevated here. We've got a little bit of a nosebleed going, said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.
Among several deal announcements, AT&T Inc
The Dow Jones industrial average <.DJI> dropped 29.90 points, or 0.26 percent, to 11,462.01. The Standard & Poor's 500 Index <.SPX> gained 0.34 points, or 0.03 percent, to 1,244.25. The Nasdaq Composite Index <.IXIC> dropped 0.62 points, or 0.02 percent, to 2,642.35.
U.S. markets will be closed on Friday to observe the Christmas Day holiday on Saturday.
Dow component Boeing Co
It sounds like some of the airlines are getting sick of the delays in this Dreamliner and that is why it is down. added Massocca.
Underscoring expectations of strong holiday spending, U.S. online sales are up 12 percent to $27.5 billion so far this season compared with a year ago.
Shares of Adobe Systems Inc
Food and beverage company Sara Lee Corp
(Editing by Kenneth Barry)