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Tuesday, Mar 12, 2013 2:15 PM UTC

US stocks waver after seven straight gains

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Topics: From the Wires,

US stocks waver after seven straight gainsFILE - In this Friday, March 1, 2013 file photo, Trader Edward Schreier works on the floor of the New York Stock Exchange. World stock markets edged off recent highs in uneven trading Tuesday March 12, 2013 as worries grew about China's recovery and Europe's doldrums. (AP Photo/Richard Drew)(Credit: AP)

NEW YORK (AP) — Stock indexes are wavering between small gains and losses in early trading on Wall Street following a seven-day rally.

The Dow Jones industrial was up 12 points, or 0.1 percent, at 14,459 as of 10 a.m. EDT.

The Standard & Poor’s 500 was down a quarter of a point, or 0.02 percent, at 1,556. The Nasdaq composite dropped five points, or 0.1 percent, to 3,248.

The Dow has gained 10.3 percent so far this year. Last week it surpassed its previous all-time high of 14,164.53. Investors have been encouraged by a recovery in the housing market and a pickup in hiring. Strong company earnings and continuing economic stimulus from the Federal Reserve are also supporting demand.

The S&P 500 has risen 9 percent this year and is less than 1 percentage point away from its record close of 1,565.15.

The yield on the 10-year Treasury note, which moves inversely to its price, fell to 2.03 percent from 2.06 percent.

Among stocks making big moves:

— Yum Brands Inc. rose $2.96 to $70.76 after the company announced a smaller-than-expected drop in its sales in China for the months of January and February following a food scare over its chicken suppliers.

— VeriFone Systems gained $1.30 to $21.68 after the company, a leading maker of terminals for electronic payments, said late Monday that its CEO is stepping down after recent stumbles cut the company’s stock price nearly in half.

More By Steve Rothwell.

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