Stocks slip as busy week for markets begins

NEW YORK (AP) — Stocks are slipping in midday trading on Wall Street as a busy week for financial markets gets underway.

The Dow Jones industrial average was down 63 points, or 0.4 percent, to 15,495 shortly before noon Eastern Daylight Time Monday.

The Standard & Poor's 500 index fell eight points, or 0.5 percent, to 1,683. The Nasdaq composite fell 16 points, or 0.5 percent, to 3,596.

Saks rose 3 percent to $15.86 after the luxury department store operator announced a deal to be acquired by the parent company of Lord & Taylor for $2.4 billion.

There's lots of news for investors this week, including a Federal Reserve meeting that winds up Wednesday and the government's monthly employment report on Friday. Merck, Exxon Mobil and Procter & Gamble also report earnings this week.

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