* Bond markets shut for holiday, seen damping stock trading
* Friday's jobs data prompts more speculation about Fed
* Transocean reaches deal with Icahn over dividend
* Dow up 0.1 pct; S&P 500 up 0.02 pct; Nasdaq flat
By Luke Swiderski
NEW YORK, Nov 11 U.S. stocks barely budged on
Monday in thin trading after investors found little reason to
add significant new positions with the Dow and the S&P 500 on a
five-week winning streak.
The pause comes after October's jobs report drove the Dow
Jones industrial average to close on Friday at another record
high. The Standard & Poor's 500 ended Friday's session within a
few points of its all-time closing high, while both the Dow and
the S&P wrapped up a fifth straight week of gains.
Volume on Monday was expected to be quiet, with bond markets
closed for Veterans Day.
Friday's data, which showed that the economy created 204,000
jobs in October, has rekindled expectations that the U.S.
Federal Reserve may reduce its stimulus efforts sooner than
expected. A Reuters survey showed that more U.S. primary dealers
now expect the Federal Reserve to trim its $85 billion of
monthly bond purchases before March.
"People are still trying to get a handle on the data," said
Michael O'Rourke, chief market strategist at JonesTrading, in
Greenwich, Connecticut. "The question is how hard do people want
to push stocks ... that's the tug of war going on in equity
Twitter Inc, which went public amid much fanfare
last week, dipped 0.05 percent to $41.63. The stock peaked at
$50.09 last Thursday, its first day of trading.
The Nasdaq index, which has been underperforming the
broader market recently, was little changed. Large technology
companies had the biggest negative impact on the Nasdaq, with
Apple Inc slipping 0.4 percent to $518.72. It was
reported that the tech giant was developing curved display
Technology stocks have trailed several other industry
sectors in 2013. The 18.3 percent rise for the information
technology sector index this year ranks it sixth among
the S&P 500's 10 industry groups.
"Should technology take the reins and move above here, that
will likely be the catalyst that leads the S&P 500 to new
all-time highs." said Bryan Sapp, senior trading analyst at
Schaeffer's Investment Research in Cincinnati.
The Dow Jones industrial average rose 14.20 points,
or 0.09 percent, to 15,775.98. The Standard & Poor's 500 Index
inched up 0.39 of a point, or 0.02 percent, to 1,771.00.
The Nasdaq Composite Index was flat, edging up just
0.12 of a point, or unchanged on a percentage basis, to
Shares of ViroPharma jumped 25.5 percent to $49.41
following news that London-listed Shire is buying the
company for $4.2 billion, attracted by a pipeline of potentially
lucrative drugs to treat rare diseases.
Transocean Ltd shares gained 3.8 percent to $55.49
after the company said it reached an agreement with investor
Carl Icahn in which the offshore driller will pay a dividend of
$3 per share and reduce the number of board seats.