Dow Extends Gains to Fourth Day

U.S. stocks managed moderate gains in low volume on Monday, pushing the Dow Jones Industrial Average to its fourth straight win, ahead of a monetary-policy decision from the Federal Reserve and a rush of economic releases this week. The Dow average rose 37.69 points, or 0.29%, to 12,959.71. The S&P 500 inched up 0.22 point to 1,371.09. The Nasdaq Composite fell 4.68 points, or 0.16%, to 2,983.66.

Gold fell on Monday, retreating from the previous session’s rally as investors worried about data showing a massive drop in money managers’ bullish position on gold and silver futures. U.S. April gold futures settled down $11.70 at $1,699.80 an ounce, with trading volume slightly above in line with its 30-day average, preliminary Reuters data showed.

Supplies of iPads set aside for preorders have sold out, Apple said in a statement, according to media reports. The Apple website now estimates preorders of the new device will ship by Friday. The company had earlier said that customers who preordered the iPad would get it on the official launch day.

Treasury prices pared gains in afternoon trading on Monday after the government’s sale of 3-year notes, the first of three major auctions this week.

Urban Outfitters Inc. (NASDAQ:URBN) , citing increased merchandise discounting and slow sales of women’s apparel, reported late Monday its fiscal fourth-quarter profit fell to $39.3 million, or 27 cents a share, from $75.2 million, or 45 cents a share, a year ago. Revenue for the three months ended Jan. 31 rose 9% to $730.6 million from $668.4 million, with internet sales up 14%.

Crude-oil futures declined on Monday as investors parsed China’s surprisingly large trade deficit and its implications for the global economy and oil demand. Crude for April delivery  lost $1.06, or 1%, to settle at $106.34 a barrel on the New York Mercantile Exchange.

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