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NEW YORK (CNNMoney) -- U.S. stocks edged lower Monday as investors took a step back from last week's Fed-inspired rally.
Markets hit multi-year highs last week following the Federal Reserve's quantitative easing, or QE3, announcement, whereby the central bank said it would buy $40 billion of mortgage backed securities each month.
But as excitement wears off, investors will be keeping even closer tabs on economic data for any clues as to how long the central bank's easing will be needed.
With little on the docket Monday, trading is expected to be somewhat muted. The only economic report of note, the September Empire State Manufacturing Survey, indicated that manufacturing in New York continued to slip. The general business conditions index edged another five points lower to -10.4, according to the report, released ahead of the opening bell by the New York's Federal Reserve. It was also weaker than economists had expected.
Investors will get a broader view on manufacturing later in the week, when the Philadelphia Fed releases its report.
But housing data will dominate, with reports on mortgages, housing starts, building permits and existing home sales due out starting Tuesday.
Fear & Greed Index
In Europe, investor optimism over the latest moves to solve the debt crisis overseas has started to fizzle. European stocks were lower in afternoon trading. The euro eased a bit against the U.S. dollar but remained near a five-month high.
In Asia, Chinese stocks tumbled overnight, following reports that the Obama administration plans to target Chinese trade by filing a complaint to the World Trade Organization. The U.S. government alleges that China violated WTO rules by subsidizing automotive exports to the tune of $1 billion. The Shanghai Composite dropped 2.1% while the Hang Seng in Hong Kong ticked up 0.1%. Japanese markets were closed for a holiday.
Companies: Shares of LDK (LDK), a large Chinese solar products manufacturer, sank more than 4% after the company reported a second quarter loss of $92 million.
Apple (AAPL, Fortune 500) shares hit another all-time high Monday, coming within spitting distance of $700, as pre-orders for the iPhone5 sold out and people started lining up outside stores to get their hands on the latest iPhone, which doesn't hit store shelves until Friday. Early Monday, AT&T (T, Fortune 500) said the iPhone 5 was the fastest selling iPhone it has ever offered.
Commodities: Oil for October delivery rose 28 cents to $99.28 a barrel.
Gold futures for December delivery added 5 cents to $1,773.20 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose slightly, pushing the yield down to 1.85% from 1.87% late Friday. 
First Published: September 17, 2012: 9:45 AM ET
17 Sep, 2012
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Source: http://rss.cnn.com/~r/rss/money_topstories/~3/rueEVCILSCM/index.html
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