* Volume weakest so far in 2013 for a full trading day
* Apple and Facebook rally, helping Nasdaq end with a slim
* Compugen shares soar on Bayer partnership
* Dow down 0.3 pct, S&P 500 off 0.2 pct, Nasdaq up 0.1 pct
By Rodrigo Campos
NEW YORK, Aug 5 (Reuters) - The Dow and the S&P 500 dipped
on Monday in the thinnest volume so far this year, following
their record closing highs last week as a lack of major news
left the market directionless.
Although about 100 companies in the S&P 500 are still
scheduled to report earnings, the season is winding down sharply
after last week's deluge. The week is also thin in terms of
market-moving macroeconomic data.
"It was a pretty quiet day," said Paul Zemsky, head of asset
allocation at ING Investment Management in New York. "We're
almost done with earnings, and the quarter will remain
lackluster. It's hard to disappoint, but earnings are not
About 4.6 billion shares changed hands on the New York Stock
Exchange, the Nasdaq and NYSE MKT, the lowest for a full day of
trading so far this year. Daily volume has averaged about 6.4
billion shares this year. Last year, August posted the lowest
monthly average volume on U.S. exchanges.
The technology sector was the S&P 500's best performer. A
rally in Apple and Facebook shares helped the
Nasdaq Composite Index finish Monday's session with a slim gain.
Apple rose 1.5 percent to $469.45 after the United States
overturned a ban on the sale of some older iPhones and iPads.
Facebook, which was the Nasdaq's most actively traded stock,
jumped 3 percent to $39.19 after a brokerage upgrade.
Data suggesting economic recovery in the UK and U.S.
economies was improving showed British businesses boomed and
activity at euro-zone companies expanded modestly in July, while
growth in the U.S. services sector rebounded from a three-year
"PMIs were better than people thought, and that tells us
this idea that the second half could be stronger is still valid.
But right now, it's just wait and see," Zemsky said.
The Dow Jones industrial average fell 46.23 points or
0.3 percent, to end at 15,612.13. The S&P 500 slipped
2.53 points or 0.15 percent, to finish at 1,707.14. But the
Nasdaq Composite Index added 3.364 points or 0.09
percent, to close at 3,692.951.
United Technologies Corp and The Travelers Companies
were the Dow's biggest percentage decliners. United
Technologies shares slid 1 percent to $106.64, while Travelers
shares fell 1 percent to $83.15.
The Washington Post Co. shares shot up 3.8 percent
after the bell following news that Amazon Inc
Washington Post Co. Class B shares ended the regular session
at $568.70, up 1.6 percent, after climbing to an intraday high
at $576, their highest level in more than four years.
The S&P 500 has risen for five of the past six weeks,
gaining more than 7 percent over that period. The index closed
at an all-time high on Friday despite a mixed reading on the
labor market, which showed that hiring slowed in July, but the
U.S. unemployment rate ticked lower.
Friday marked the second day in a row for the Dow and the
S&P 500 to end at record closing highs, with the Dow ending at
15,658.36 and the S&P 500 at 1,709.67.
The slip in the unemployment rate means that the Federal
Reserve is closer to dialing back its $85 billion-a-month
bond-buying program, Dallas Federal Reserve Bank President
Richard Fisher said on Monday. The stimulus program is given
credit for a large part of this year's rally in the U.S. stock
On the earnings front, shares of Tyson Foods climbed
4.1 percent to $29.69, a record closing high, after giving a
full-year revenue outlook that exceeded expectations.
In contrast, U.S.-listed shares of HSBC Holdings Plc
fell 4.5 percent to $55.37 after the company reported a drop in
revenue, hurt by slower emerging markets.
Shares of retailer Fossil dropped 6 percent to
$107.42 on three times their recent average volume after
Barclays downgraded the stock to "underweight."
Of the 391 companies in the S&P 500 that have reported
earnings for the second quarter, 67.8 percent have topped
analysts' expectations, in line with the average beat over the
past four quarters, data from Thomson Reuters showed. About 55
percent have reported revenue above estimates, more than in the
past four quarters but below the historical average.
U.S.-listed shares of Compugen Ltd soared 44.5
percent to $7.89 after the company said it would enter into a
cancer research partnership with Bayer AG
Declining issues outnumbered advancers on the NYSE by a
ratio of about 3 to 2. On the Nasdaq, the opposite trend
prevailed, with 14 stocks rising for about every 11 that fell.