US STOCKS-Wall St finishes flat as U.S. gets stable credit outlook

Mon Jun 10, 2013 5:26pm EDT
 
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* S&P revises U.S. credit outlook to "stable" from "negative"

* Investors mull Fed actions in wake of U.S. jobs report

* Indexes: Dow off 0.1 pct; S&P flat; Nasdaq up 1.3 pct

By Caroline Valetkevitch

NEW YORK, June 10 (Reuters) - U.S. stocks ended little changed in weak volume on Monday, pausing after the previous session's strong gains and getting only a brief boost when the United States' credit outlook was revised to stable from negative.

Shares of Apple declined 0.7 percent to $438.89, reversing early gains to become the biggest drag on both the S&P 500 and Nasdaq composite indexes. The company kicked off its annual conference in San Francisco for its developers.

Homebuilders were among the top decliners, led by losses in Lennar Corp, off 3.3 percent at $37.31 after JP Morgan downgraded the company's stock to "neutral" from "overweight". D.R. Horton Inc shares fell 2.1 percent to $23.06.

Analysts said the market was still cautious about when or if the Federal Reserve might reduce its stimulus efforts. The market ended last week with sharp gains, and the Dow posted its best daily percentage increase since Jan. 2 after the U.S. jobs report on Friday eased some of the Fed worries.

"It seemed to at least stem the corrective phase markets were in in the beginning and middle of last week," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, which manages about $58 billion in assets.   Continued...