US stocks edged up, led by consumer stocks such as Kraft Foods and Procter & Gamble. But continued concerns about the euro zone sent investors away from industrial companies dependent on global growth, including Caterpillar, along with energy and materials stocks.
The Dow Jones Industrial Average eked out a gain of 5.67 points (0.05%) to 10,625.83, although it spent much of Monday's session in the red. The measure's gains were led by its consumer-related components, with Kraft Foods up 52 cents (1.7%) at $30.55, and Procter & Gamble up 84 cents (1.3%) at $63.38.
American Express was also strong with a gain of 58 cents (1.4%) to $41.22. A regulatory filing showed the credit-card company's US borrowers at least a month behind in their card payments declined to 3.1% in April from 3.3% in March.
The Dow's decliners were led by its components with heavier reliance on international demand. Alcoa slipped 26 cents (2.1%) to $12.10, while Caterpillar dropped $1.10 (1.7%) to $63.78. Exxon Mobil was also weak, off 33 cents (0.5%) at $63.27, as crude-oil futures tumbled.
The Nasdaq Composite rose 7.38 (0.31%) to 2,354.23. The Standard & Poor's 500 index ticked up 1.26 (0.11%) to 1,136.94. The measure's consumer staples and consumer discretionary sectors were among its strongest, while its energy, industrials and materials sectors led to the downside.
The gains in consumer stocks were led by for-profit education companies, with Apollo Group jumping $5.07 (9.6%) to $57.85, and DeVry up $2.87 (4.9%) at $62.03. The climb came after two trade publications reported that Robert Shireman, a top US Department of Education official, is stepping down. Representatives from the agency weren't immediately available for comment. Shireman has been portrayed as an opponent of for-profit colleges, a characterisation he has denied.
The declines across energy, industrials and materials reflected investors' lingering concerns about the economy despite a string of recent economic reports with numbers showing improvement.
Lowe's fell 81 cents (3.1%) to $25.26. Favourable weather and government-rebate programs for appliances helped the home-improvement retailer post a 2.7% increase in quarterly profit and its first quarterly same-store sales increase in nearly four years. But investors were disappointed by the company's cautious outlook, with its second-quarter projection coming in below Wall Street's views.
Universal Health Services rose $3.10 (7.9%) to $42.14, after the hospital operator said it expects a big earnings boost from its just-announced deal to buy Psychiatric Solutions.
OSI Pharmaceuticals sank $2.45 (4.1%) to $57.35. Astellas Pharma said it will buy OSI for $4bn in an all-cash deal, raising its bid after waging a two-month-long hostile takeover attempt.
Valspar added $1.41 (4.6%) to $32.37. The paint and coatings maker's fiscal second-quarter earnings nearly doubled as sales rebounded much more than analysts had expected. The company also raised its earnings estimate for the year.