Wall Street dips from multiyear highs, Fed's Yellen on tap
By Rodrigo Campos | February 12, 2013 2:42 AM EST
Stocks slipped at the open on Monday, with the S&P and Nasdaq dipping from multiyear highs, as Google
Trading volume was relatively low, which could make the market volatile and exaggerate moves.
Google fell 0.9 percent at $777.94 after the company said in a filing former chief executive Eric Schmidt is selling roughly 42 percent of his Google stake, a move that could potentially net him $2.51 billion.
No economic data or major earnings reports are scheduled for Monday, but Federal Reserve Vice Chair Janet Yellen is due to speak about the economic recovery at 1 p.m.
Upbeat U.S. and Chinese data last week helped the S&P 500 extend its weekly winning streak to six. The benchmark is up more than 6 percent so far this year after a steep rally in January that has stalled as the S&P and Dow industrials near record highs.
"Some positives behind the market rally are still there, and the path of least resistance is likely to be higher," he said.
The Dow Jones industrial average <.DJI> fell 35.39 points or 0.25 percent, to 13,957.58, the S&P 500 <.SPX> lost 1.94 points or 0.13 percent, to 1,515.99 and the Nasdaq Composite <.IXIC> dropped 5.75 points or 0.18 percent, to 3,188.12.
Opposition grew to the $24.4 billion buyout of Dell Inc
Dell shares hovered near $13.65, the buyout offer price.
Regeneron Pharmaceuticals Inc
(Reporting by Rodrigo Campos; Editing by Chizu Nomiyama and Kenneth Barry)