NEW YORK: Wall Street stocks were little changed on Monday near three-year highs after recent strong earnings, although surging oil prices pressured stocks in what was likely to be a low volume day, with major European markets closed.
Of S&P 500 companies that have reported, 75 percent beat analysts' expectations. That is just above the average over the past four quarters but well above the average of 62 percent since 1994, according to Thomson Reuters data.
The Dow hit a high for the year last week and is trading near a three-year high. The S&P 500 has moved to the top end of its recent trading range where it is facing resistance at its last high for the year.
Kevin Kruszenski, head of listed trading at KeyBanc Capital Markets in Cleveland, said higher oil prices were offsetting the positive momentum from earnings. He said the market could give up gains as the day progresses. "I could see some profit-taking after the advance we've had," he said.
Brent crude oil rose above $124 a barrel, pushed higher by an escalation of violence in the oil-producing Middle East, as well as post-election unrest in OPEC member Nigeria.
This week is another hectic one for earnings with 180 S&P 500 companies set to report their quarterly scorecard.
Among companies reporting on Monday, RadioShack Corp's quarterly profit fell due to weakness in its T-Mobile business and higher costs related to the roll-out of its wireless kiosks in Target stores. The shares fell 1.7 percent to $15.59.
The Dow Jones industrial average slipped 16.88 points, or 0.13 percent, to 12,489.11. The Standard & Poor's 500 Index fell 1.46 points, or 0.11 percent, to 1,335.92. The Nasdaq Composite Index gained 0.49 point, or 0.02 percent, to 2,820.65.
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