Stocks slip from near five-year high

By NBC News wire services

Updated at 9:30 a.m. ET: Stocks moved lower Monday after the best two weeks for the S&P 500 in three months left the index at its highest level in nearly five years, with investors turning their attention to the economy and instability in the Middle East.

Stocks rose for a fourth session on Friday after the Federal Reserve took bold action to spur the economy that could keep equities buoyed in the coming months. The move followed a decision by the European Central Bank to support debt-ridden euro zone nations by purchasing their debt.

Thousands of protesters took to the streets of the Afghan capital on Monday in the latest of demonstrations that have swept the Muslim world, while Israeli Prime Minister Benjamin Netanyahu warned that Iran would reach the brink of being able to build a nuclear bomb in just six or seven months.

"The September blues are about to hit us," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. "There are a lot of geo-political concerns heating up and I suspect they could be one of the reasons why we could be set for a temporary pullback."

The Treasury Department is unwilling to sell the government's stake in General Motors Co because a sale now would mean huge investment losses, the Wall Street Journal reported on Monday, citing people close to the matter.

President Barack Obama will launch a trade complaint against China over what his administration says is Beijing's unfair government backing of its auto industry, a White House official said on Sunday.

A day before a strike deadline at the Detroit Three automakers, the Canadian Auto Workers chose Ford Motor Co as the lead company for contract talks, saying the union believes it has the best chance of reaching a deal with Ford and averting a damaging work stoppage.

Activist hedge fund Starboard Value will take a 13.3 percent stake in Office Depot Inc, making it the biggest shareholder of the office products supplier.

JPMorgan Chase & Co's compliance with anti-money laundering laws is being reviewed by a banking regulator, a source said, making the largest U.S. bank the latest target of a wide investigation of how banks prevent transactions involving drug money and sanctioned countries.

Reuters contributed to this report.

Source: http://marketday.nbcnews.com/_news/2012/09/17/13914667-stocks-slip-from-near-five-year-high?lite

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