May 13, 2013-Stock Trade Flat Showing Lack of Direction

With upbeat retail sales data limiting the desire to cash in on the recent strength in the markets, stocks showed a lack of direction over the course of the trading day on Monday after moving modestly lower in early trading. The major averages eventually ended the day mixed, with the Dow posting a modest loss. While the Dow dipped 26.81 points or 0.2 percent to 15,091.68, the Nasdaq edged up 2.21 points or 0.1 percent to 3,438.79 and the S&P 500 inched up 0.07 points or less than a tenth of a percent to 1,633.77. The early weakness on Wall Street was partly due to profit taking, with the major averages giving back some ground after posting strong gains last week. Selling pressure remained relatively subdued, however, as traders seemed reluctant to sell stocks and miss out on any further upside for the markets. Upbeat retail sales data also helped to limit the early downside, with a report from the Commerce Department showing an unexpected increase in retail sales in April.