* Google shares dip, executive to sell nearly half his stake
* Celgene up as regulator approves new drug
* Dow off 0.1 pct; S&P off 0.1 pct; Nasdaq off 0.1 pct
By Angela Moon
NEW YORK, Feb 11 U.S. stocks were little changed
on Monday as investors scrambled to find catalysts to move the
market higher after a six-weeks-long advance that has taken the
S&P 500 index near record highs.
The benchmark index is up more than 6 percent so far this
year after a steep rally in January that has stalled as the S&P
and Dow industrials near multiyear highs.
Trading volume was relatively low, which could make the
market volatile and exaggerate moves.
Google Inc shares fell 0.9 percent at $777.94 after
the company said in a filing former chief executive Eric Schmidt
is selling roughly 42 percent of his Google stake, a move that
could potentially net him $2.51 billion.
But the decline was offset by gains in Apple, up
1.8 percent at $483.68 after a New York Times report that the
iPhone maker is experimenting with the design of a device
similar to a wristwatch.
"It's really the valuation and indications that the economy
is improving that have pushed the market higher. We would have
to see a probable correction before heading higher and that
could come from weak economic data in the future," said Tim
Ghriskey, chief investment officer at Solaris Asset Management.
No economic data or major earnings reports are scheduled for
Monday, but Federal Reserve Vice Chairwoman Janet Yellen is due
to speak about the economic recovery at 1 p.m. (1800 GMT). On
Tuesday, President Barack Obama will describe his plan for
spurring the economy in his State of the Union address. He is
expected to offer proposals for investment in infrastructure,
manufacturing, clean energy and education.
The Dow Jones industrial average was down 18.09
points, or 0.13 percent, at 13,974.88. The Standard & Poor's 500
Index was down 0.71 point, or 0.05 percent, at 1,517.22.
The Nasdaq Composite Index was down 2.32 points, or
0.07 percent, at 3,191.55.
Upbeat U.S. and Chinese data last week helped the S&P 500
extend its weekly winning streak to six.
Opposition has grown to the $24.4 billion buyout of Dell Inc
, the No. 3 personal computer maker, as three of the
largest investors joined Southeastern Asset Management on Friday
in raising objections. Dell said in a regulatory filing it had
considered many strategic options before opting to go private in
a buyout led by Chief Executive Michael Dell.
Dell shares hovered near $13.65, the buyout offer price.
Regeneron Pharmaceuticals Inc shares jumped 3.9
percent at $172.39 after it said longtime drug development
partner Sanofi plans to boost its stake in Regeneron
by open market purchases of its stock.