US STOCKS-Tech shares drag Nasdaq, S&P 500 little changed

lunes 15 de septiembre de 2014 15:15 GYT
 

* Yahoo loses early gains, volume high

* Dow up 0.28 pct, S&P down 0.04 pct, Nasdaq off 1.01 pct

By Chuck Mikolajczak

NEW YORK, Sept 15 (Reuters) - U.S. stocks were mixed on Monday with the tech sector dragging the Nasdaq lower and keeping the S&P 500 near the unchanged mark as investors cleared the decks for Alibaba's debut planned for later this week.

Alibaba's could be the largest initial public offer in history and has seen "overwhelming" interest, meaning Yahoo's 23 percent stake could be worth more next week than it is now. Yahoo stock was falling 1.3 percent with 4.7 million shares already traded, after earlier hitting its highest in 14 years.

"Alibaba, as I understand it is going to be very heavily institutional, but retail will probably jump on board very quickly to this name," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

"Despite being a complicated company with a complicated ownership structure, it is a very compelling story and will probably do quite well here as long as it ends up being priced well."

Heavily traded Facebook and Netflix were falling nearly 4 percent each. The S&P technology sector was trading 0.5 percent lower.

Investors were also treading lightly ahead of the policy statement from the Federal Reserve on Wednesday, which could provide insight on the timing of an interest rate hike.   Continuación...