(CNBC) — U.S. stocks fell on Monday, with small companies taking it on the chin, as China signaled it would not boost stimulus and after home sales unexpectedly declined in August.
"The comments from the Chinese finance minister were not particularly hopeful," said Cameron Hinds, regional chief investment officer for Wells Fargo Private Bank, referring to comments by Chinese Finance Minister Lou Jiwei that Beijing would not make big changes in response to one economic indicator, curbing thinking that softer economic readings would prompt additional stimulus from the central government.
Apple rose after the technology giant reported weekend sales of the latest versions of its iPhone topped 10 million. Yahoo shares fell after Bank of America Merrill Lynch and Sanford Bernstein downgraded its shares after Friday's market debut by Alibaba Group Holding. Dresser-Rand Group rose after Germany's Siemens said it would acquire the maker of oilfield-equipment maker for $7.6 billion.
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