Stocks drop after weekly advance

U.S. stocks fell on Monday, with telecommunications leading the drop, as investors considered the results from Greek elections and winter weather on the East Coast.In Greece, the anti-austerity Syriza party won 149 out of a 300 possible seats in Parliament.The market had “already discounted an anti-austerity vote, and the lower euro should boost manufacturing and exports,” Peter Cardillo, chief market economist, Rockwell Global Capital, said.”Investors are bracing for a potentially historic northeast blizzard and the FOMC meeting this week,” Cardillo said.In New York, officials urged residents to remain indoors with blizzard conditions forecast.DR Horton (DHI) rose in early trading after the home builder reported quarterly profit that topped estimates.Read More Early movers: POST, DHI, T, SHPG, GOOG, UPS & more After falling more than 100 points, the Dow Jones Industrial Average (Dow Jones Global Indexes: .DJI) was lately down 67.01 points, or 0.4 percent, at 17,605.59, with Cisco Systems (CSCO)leading blue-chip declines, which extended to 24 of 30 components.The S&P 500 (^GSPC) declined 6.19 points, or 0.3 percent, to 2,045.63, with telecom leading declines and energy the sole sector rising of its 10 major industry groups.The Nasdaq (^IXIC) fell 14.49 points, or 0.3 percent, to 4,743.39.

U.S. stocks mainly fell on Friday, with the S&P 500 halting a four-session winning run, as investors considered economic data, energy costs and a reduced 2014 earnings estimate from United Parcel Service. Read More Stocks mostly fall, curbing first weekly advance in 4 Coming Up This Week: Tuesday 8:30 a.m. Eastern: Durable-goods orders for December9 a.m.: Case-Shiller home prices for November10 a.m.: Consumer-confidence index for JanuaryWednesday 2 p.m.: FOMC announcementThursday8:30 a.m.: Weekly jobless claims10 a.m.: Pending-home sales for DecemberFriday8:30 a.m.: Fourth-quarter GDP9:55 a.m. Consumer-sentiment index for January More From Airlines pre-emptively cancel 3,500 flights Gas bottom near as prices hit six-year low: Survey Chris Christie gearing up for 2016 prez run: WSJ

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