S&P falls below 2,800 as trade optimism fades

U.S. stocks fell on Monday after data showed construction spending dipped in Dec...

- U.S. stocks fell on Monday after data showed construction spending dipped in December, offsetting hopes that a U.S.-China trade deal was imminent and pushing the S&P 500 back after its first close above 2,800 points in four months.

The trade-sensitive S&P 500 industrials index was flat, while the other 10 major S&P sectors notched declines. The Commerce Department reported construction spending fell 0.6 percent in December, further evidence the economy lost momentum at the tail end of 2018. “Right above the 2,800 level is a significant amount of resistance. Above this level is free air, above it is a return to the highs,” said Antonelli.

Among stocks, Kraft Heinz Co gained 2.91 percent after brokerage Morgan Stanley raised its rating on the stock.

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