By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks fell on Monday after three weeks of gains, with investors taking a tentative stance amid speeches from another round of Federal Reserve officials.
Apple Inc. (C) shares jumped 4.5% after it reported selling 9 million iPhone 5S and 5C models.
BlackBerry Ltd. (RIMM) declined 5.3% after Jefferies downgraded its shares to hold from buy, saying the handset unit no longer held value after the smartphone manufacturer reported results.
Citigroup Inc. (C) fell 3.1% after the Financial Times cited unnamed investors in reporting the bank might say revenue fell more than 10% when it releases quarterly results in October.
The Dow Jones Industrial Average (DJI) declined 40.43 points, or 0.3%, to 15,410.66.
The S&P 500 index (SPX) lost 7.38 points, or 0.4%, to 1,702.53, with the financial sector hardest hit among its 10 major sectors.
The Nasdaq Composite (RIXF) shed 11.30 points, or 0.3%, to 3,763.41.
For every three stocks rising, roughly four fell on the New York Stock Exchange, where 150 million shares traded as of 10:40 a.m. Eastern. Composite volume approached 752 million.
On the New York Mercantile Exchange, the price of crude(CLX3) fell $1.23 to $103.50 a barrel and gold (GCZ3) declined $4.00 to $1,328 an ounce.
The U.S. dollar (DXY) gained against other global currencies, while the 10-year yield (10_YEAR) fell 2 basis points to 2.713%.
On Friday, stocks were hit after Fed Bank of St. Louis President James Bullard said the central bank could opt to cut its $85 billion in monthly bond purchases as soon as next month. The stock market had hit record highs and gained on the week after the Federal Open Market Committee on Wednesday kept its bond purchases unchanged.
Addressing business leaders in New York Monday morning, Fed Bank of Atlanta President Dennis Lockhart said the economy is losing some of its steam. Fed Bank of New York President William Dudley told an audience at the Fordham University Graduate School of Business that an accommodative monetary policy is still needed.
Later in the session, Federal Reserve Bank of Dallas President Richard Fisher will speak about U.S. banking in San Antonio, Texas.
In China, an initial gauge of a purchasing managers' index of manufacturing activity put together by HSBC Holdings and Markit Economics rose to 51.2 this month from 50.9 in August.
Monday's U.S. economic data had an index of national activity turning positive in August and a preliminary reading on manufacturing slipping but "consistent with a modest improvement in manufacturing conditions."
On Sunday, German Chancellor Angela Merkel won reelection by the largest amount in more than 20 years.
"Merkel's victory is wider than anticipated yet most likely reflects voters' satisfaction over the euro's strongest economy," noted Sean Lynch, global investment strategist for Wells Fargo Private Bank. But he said that challenges remain in the euro-zone peripheral economies.
-Kate Gibson; 415-439-6400; AskNewswires@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
09-23-13 1104ETCopyright (c) 2013 Dow Jones & Company, Inc.
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