Stocks recorded modest gains Monday on a day when General Electric (GE) struggled after announcing a cut to its dividend.
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The Dow Jones Industrial Average added about 17 points. The S&P 500 gained 2 points, while the Nasdaq Composite rose 6 points.
GE, which now expects weaker earnings than previously forecasted, said it will halve its dividend. The dividend cut is only GE’s second since the Great Depression. The company’s shares slipped about 7%, its worst day in roughly eight years.
The GE selloff sent investors to other stocks that pay strong dividends, particularly utilities and consumer staples.
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