NEW YORK (AP) – U.S. stocks started off Monday neutral as traders weighed corporate earnings and inaction by the world’s leading economic policymakers. Mining and chemicals companies made the largest gains and health care stocks skidded.
KEEPING SCORE: The Dow Jones industrial average lost 17 points to 16,622 as of 10:30 a.m. Eastern time. The Standard & Poor’s 500 index dipped 2 points, or 0.1 percent, to 1,946. The Nasdaq composite added 5 points, or 0.1 percent, to 4,595.
DIGGING FOR GOLD: On the last trading day of February U.S. stocks remained on track to finish the month up for the first time since November. The February gain has been led by the materials sector of the S&P 500, which includes mining companies that have been helped by a surge in the price of precious metals. The price of gold has climbed 10.5 percent this month and silver is up 4 percent. On Monday, mining and oil and gas company Freeport-McMoRan added 26 cents, or 3.5 percent, to $7.69.
OVERSEAS NEWS: Policymakers at a weekend meeting of the Group of 20 rich and developing countries promised to use “all tools” at their disposal to bolster weak global growth, but they didn’t announce any specific moves. Some relief emerged with the news that China’s monetary authorities had cut the amount of deposits that banks have to keep in reserve at the central bank. That should free up cash for banks to lend. The government also guided the yuan lower.
SIGNET SPARKLES: Signet Jewelers climbed after it signaled better results for its most recent quarter. The jewelry retailer forecast a larger profit and better sales than analysts expected. The stock jumped $9.55, or 9.6 percent, to $108.68.