The markets fell for the fourth consecutive session as news of an IRS audit of Intel pulled key indexes lower.
Stocks fell Monday for the fourth session in a row, led by shares of Intel, which declined on news of an IRS audit.
The Dow Jones industrials fell 9.41 points, or 0.1%, to close at 10,609.62. The Nasdaq Composite Index fell 30.41 points, or 1.5%, to finish the day at 2,007.52. The Standard & Poor's 500 fell 3.12 points, or 0.3%, to 1,140.99. The InformationWeek 100 index fell 6.31 points, or 1.9%, to close at 323.28. The Nasdaq-100 tracking stock fell 41 cents, or 1.1%, to close at $36.45.
Shares of Dow component Intel fell $1 to $29, a 3.3% loss, after the company said the Internal Revenue Service has been examining its 2001 and 2002 tax returns since January. But telecom gear and chipmaker Qualcomm rose $3.03, or 5.1%, to $62.43 after the company raised its second-quarter outlook on stronger demand.
There were no major economic reports Monday, though Federal Reserve chairman Alan Greenspan said in a speech that household finances appear to be "in good shape." Looking ahead, consumer-confidence data is due Tuesday, and a preliminary fourth-quarter gross domestic product report is due Friday.
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.