US stocks waver after 7 straight gains

[March 13, 2013]  NEW YORK (AP) -- Stock indexes are wavering between small gains and losses in early trading on Wall Street following a seven-day rally.

The Dow Jones industrial was up 12 points, or 0.1 percent, at 14,459 as of 10 a.m. EDT.

The Standard & Poor's 500 was down a quarter of a point, or 0.02 percent, at 1,556. The Nasdaq composite dropped five points, or 0.1 percent, to 3,248.

The Dow has gained 10.3 percent so far this year. Last week it surpassed its previous all-time high of 14,164.53. Investors have been encouraged by a recovery in the housing market and a pickup in hiring. Strong company earnings and continuing economic stimulus from the Federal Reserve are also supporting demand.

The S&P 500 has risen 9 percent this year and is less than 1 percentage point away from its record close of 1,565.15.

The yield on the 10-year Treasury note, which moves inversely to its price, fell to 2.03 percent from 2.06 percent.

Among stocks making big moves:

• Yum Brands Inc. rose $2.96 to $70.76 after the company announced a smaller-than-expected drop in its sales in China for the months of January and February following a food scare over its chicken suppliers.

• VeriFone Systems gained $1.30 to $21.68 after the company, a leading maker of terminals for electronic payments, said late Monday that its CEO is stepping down after recent stumbles cut the company's stock price nearly in half.

[Associated Press; By STEVE ROTHWELL]

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