News Summary: US stocks drift sideways

AP News
Posted: Jan 28, 2013 4:59 PM

FLYING SIDEWAYS: U.S. stocks meandered between small gains and losses Monday, cooling after the Standard & Poor's 500 index rallied above 1,500 for the first time since Dec. 2007.

SPLIT DECISION: Encouraging news about manufacturing provided an early boost. Stocks fell later after a report on home sales fell short of expectations. The Dow and S&P ended slightly lower.

STRIKING DISTANCE: The Dow and the S&P 500 are approaching their all-time closing highs, reached on Oct. 9, 2007. The Dow is about 282 points below its high of 14,164.53; the S&P 500 is 65 points shy of its record 1,565.