Stocks End Mostly Lower in Low Volume

Stocks ended mostly lower in low volume on Monday, following record closes for the Dow and the S&P 500 last week, as a lack of major news left the market directionless. The Dow Jones Industrial Average lost 46.23 points, or 0.30%, to 15,612.13. The S&P 500 index fell 2.53 points, or 0.15%, to 1,707.14. The Nasdaq Composite rose 3.36 points, or 0.09%, to 3,692.95.

Service industries in the U.S. expanded in July at the fastest pace in five months, complementing a rebound at the nation’s factories and showing the economy is gaining traction. The Institute for Supply Management’s non-manufacturing index increased to 56.

U.S. financial conditions remained favorable during the second quarter despite the spike in market interest rates, according to the latest Federal Reserve survey of bank senior loan officers. Banks eased lending conditions for commercial and industrial loans, and demand for consumer lending strengthened across the board, including the housing sector.

Time Warner Cable Inc Chief Executive Glenn Britt sent a letter to CBS Corp CEO Les Moonves on Monday offering a controversial new proposal to end the blackout of CBS shows that started Friday in markets such as New York and Los Angeles.

It was a tough July for hedge fund manager William Ackman, whose $11.16 billion Pershing Square Capital Management lost 2.2 percent during the month, according to three investors. The fund got hit hard by its short position in nutritional supplements company Herbalife Ltd, which saw its share price rise more than 40 percent last month. Ackman’s fund has invested $1 billion
on a bearish bet that Herbalife will be unmasked by regulators as a pyramid scheme.