US stocks drop at start of busy week for earnings,

Source: AP-Excite

By BERNARD CONDON

NEW YORK (AP) — U.S. stocks slumped on Monday as investors looked ahead to a flood of earnings reports this week.

Stocks appeared headed for new highs in the morning, but drifted lower in afternoon as health care companies dropped sharply. Mylan, a maker of generic drugs, slumped nearly 6 percent. It was a downbeat note after strong gains last week, capped by a new record in the Nasdaq composite, 15 years after its dot-com era peak.

½a0}With little news moving markets, "I think we have some profit-taking here," said chief stock strategist Phil Orlando of Federated Investors as stocks started dropping in the afternoon.

The Dow Jones industrial average fell 42.17 points, or 0.2 percent, to close at 18,037.97. The Standard & Poor's 500 index fell 8.77 points, or 0.4 percent, to 2,108.92. The Nasdaq fell 31.84 points, or 0.6 percent, to 5,060.25.

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Trader John O'Hara wears an Ironman mask as he works on the floor of the New York Stock Exchange, Monday, April 27, 2015, in New York. Actors Jeremy Renner and Robert Downey Jr. rang the NYSE opening bell Monday with representatives from Marvel Entertainment. (AP Photo/Jason DeCrow)

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