* Yelp climbs on deal with Yahoo
* Carl Icahn drops Apple buyback demand
* McDonald's posts January sales
* Indexes: Dow off 0.13 pct, S&P off 0.04 pct, Nasdaq up
By Chuck Mikolajczak
NEW YORK, Feb 10 U.S. stocks were little changed
on Monday, on the heels of the S&P 500's best two-day
performance in four months and ahead of new Federal Reserve
Chair Janet Yellen's first testimony before lawmakers on
The benchmark S&P 500 rallied Friday for the index's
first weekly gain in the past four, as investors looked past a
disappointing payrolls report.
Despite the soft payrolls data, affected partly by frigid
weather, the Federal Reserve is largely expected to continue its
efforts to scale back its stimulus.
Yellen's first test as chair of the Federal Reserve comes
Tuesday when she faces U.S. lawmakers, some hostile to the
central bank, who will want to know how committed she is to
winding down the Fed's support for the economy.
"Maybe she will indicate a little bit more about the taper,
maybe there could be a few hints in there, and I would think if
you were a new Chair you would want to at least set a little bit
of a tone and maybe make your mark somewhere," said Joe Saluzzi,
co-manager of trading at Themis Trading in Chatham, New Jersey.
"So people will be parsing the words, but I'm expecting
nothing out of the ordinary, status quo, steady as she goes."
The Dow Jones industrial average fell 19.92 points or
0.13 percent, to 15,774.16, the S&P 500 lost 0.71 points
or 0.04 percent, to 1,796.31 and the Nasdaq Composite
added 7.165 points or 0.17 percent, to 4,133.026.
McDonald's Corp reported better-than-expected global
sales at established restaurants for January as gains in Europe
helped the company offset a sharp decline in the United States.
But shares of the world's biggest restaurant chain lost 1
percent to $94.96 as one of the biggest drags on the Dow.
Earnings season has moved into its latter stages, with 54
S&P 500 companies expected to report results this week. Of 344
companies in the benchmark S&P index that have reported earnings
through Monday, 68 percent beat Wall Street expectations,
Thomson Reuters data showed, against 67 percent over the past
four quarters, and ahead of the 63 percent rate since 1994.
Hasbro Inc rose 5.9 percent to $53.03, reversing
earlier declines, after the toymaker reported its quarterly
CNA Financial Corp said it would sell its life and
group insurance business, while parent Loews Corp reported
a bigger quarterly loss, hurt by impairment charges. CNA shares
gained 5.5 percent to $41.85 while Loews Corp lost 4.6 percent
to $43.08 as the worst performer on the S&P 500.
Yelp Inc advanced 4.4 percent to $93.37 after the
Wall Street Journal reported on Saturday that Internet portal
Yahoo was partnering with the consumer-reviews website
to beef up local results in its search engine.
Apple Inc rose 1.4 percent to $526.70 after Carl
Icahn said in a letter to shareholders he sees no reason to
persist with his proposal that the iPhone maker buy back $50
billion of its shares.
AutoNavi Holdings Ltd surged 24.5 percent to $20.60
after Alibaba Group disclosed in a filing with the
Securities and Exchange Commission that it had offered to buy
all the shares of the Chinese digital mapping and navigation
firm it does not already own.