News Summary: S&P 500 slips from 5-year high

AP News
Posted: Jan 07, 2013 5:32 PM

A NEW WEEK: Stocks closed lower on Monday, pulling the Standard & Poor's 500 index down from the five-year high it reached last week. Investors are turning their attention to corporate profits. Aluminum producer Alcoa launches the reporting season for the fourth quarter of 2012 after the market closes Tuesday.

DROUGHT: Archer Daniels Midland's stock dropped 4 percent. Analysts at JP Morgan Chase said the ongoing drought in the Midwest will likely squeeze the crop-processing company's profit margins.

Leaving the Left
John Stossel

THE INDEXES: The S&P 500 fell four points to close at 1,461. The Dow Jones industrial average lost 50 points to 13,384.