U.S. financial markets took a step back on Monday in a quiet trading day. Bobbi Rebell reports.
Stocks edged lower in quiet trading Monday. A rally in healthcare stocks was offset by weakness in industrial and basic materials shares. Stephen Wood of Russell Investments: (SOUNDBITE) STEPHEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENTS, (ENGLISH) SAYING: "I think it's more daily volatility than anything else. Markets tend to chop around earnings seasons, and we're getting into the beginning of the second quarter." Economic data wasn't encouraging for investors. Factory goods orders fell in February. So did business spending on capital goods. Virgin America's stock soared after Alaska Air beat out JetBlue Airways in a bidding war. Alaska will pay $2.6 billion for Virgin America to create the fifth largest U.S. commercial airline. SunEdison's shares plummeted. Terraform Global sued the solar company for breach of contract. charging its parent, SunEdison, with misappropriating Terraform's cash. More than 253,000 orders poured in for Tesla's new Model 3 sedan in 36 hours. That further turbocharged the electric car maker's shares. PulteGroup's shares fell after the homebuilder said CEO Richard Dugas would retire May 2017. In Europe, healthcare stocks also rallied, helping pull up the major markets.