Stocks Slide on Cautious Trading Ahead of Week's Economic Reports

NEW YORK, Feb. 12 -- Wall Street extended its losses Monday as investors awaited important economic data this week and were disappointed by the collapse of several proposed acquisitions.

The Dow Jones industrial average fell 28.28, or 0.22 percent, to 12,552.55. The Standard & Poor's 500-stock index was down 4.69, or 0.33 percent, at 1433.37, and the Nasdaq composite index retreated 9.44, or 0.38 percent, to 2450.38.

The markets traded cautiously ahead of Federal Reserve Chairman Ben S. Bernanke's scheduled testimony before Congress on Wednesday. Government data due Friday should shed light on wholesale inflation and the state of the housing market.

Unlike recent Mondays, there was a dearth of acquisition announcements to give the market a lift. Instead, the Nasdaq Stock Market failed in its bid to buy the London Stock Exchange, and Sanofi-Aventis, a French drugmaker, called off talks for a possible deal with Bristol-Myers Squibb.

Wall Street fell last week on concerns about higher oil prices and the possibility that inflation could lead to higher interest rates. With fourth-quarter earnings reports nearly completed, investors have traded hesitantly as they waited for some kind of catalyst to give them direction.

Movers

Exxon Mobil fell 62 cents, to $74.60, on falling oil prices.

ConocoPhillips was off 96 cents, at $66.

Chevron declined $1, to $72.32.

Nasdaq fell $2.10, to $35.10, after London Stock Exchange shareholders did not approve its bid to acquire the British bourse.

Bristol- Myers tumbled 93 cents, to $27.59, after the report on the Sanofi-Aventis deal.

Home Depot rose 44 cents, to $41.44, after it said it was considering shedding its division that serves contractors, home builders and other business customers.

Apple rose $1.61, to $84.88, after it was upgraded by a Citigroup analyst.

Bayer rose 62 cents, to $58.45, on good news about a possible treatment for liver cancer.

Novelis, an aluminum producer, rose $5.13, to $43.67, after it agreed to be bought by India's Hindalco Industries.