NEW YORK (AP) - Some encouraging corporate news failed to give the broader stock market a boost on Monday, and stocks edged lower as investors waited for news on the outlook for the Federal Reserve's interest rate policy.
Hewlett-Packard jumped after announcing that it is splitting itself in two. One company will focus on personal computers and printing and the other on technology services. Medical-equipment maker Carefusion surged on word that it was being acquired by its rival Becton Dickinson and Co.
But after opening higher, stocks gave up their early gains and alternated between small gains and small losses.
The market's bull run has faltered in recent weeks and the Standard & Poor's 500 index logged its biggest monthly drop since January last month. Stocks rebounded from that slump on Friday after a report showed a pickup in hiring last month, but many investors remain uncertain about the outlook for stocks as the Fed nears the end of its bond-buying stimulus program and considers raising rates.
The S&P 500 fell 3.08 points, or 0.2 percent, to 1,964.82. The Dow Jones industrial average dropped 17.78 points, or 0.1 percent, to 16,991.91. The Nasdaq composite fell 20.82 points, or 0.5 percent, to 4,454.80.