President Barack Obama is currently urging Congress to increase the nation's borrowing limit so it can continue paying its bills. The government has hit its $16.4 trillion debt limit and is expected to run out of ways to meet all of its obligations around March 1, perhaps earlier. Republicans wants spending cuts in exchange for raising the debt ceiling.
Failure to lift the borrowing limit, or debt ceiling, would be "a self-inflicted wound" to the economy and cause turmoil on financial markets, Obama told a White House news conference on Monday.
The yield on the 10-year Treasury note, which moves inversely to its price, was little changed at 1.86 percent.
Among other stocks making big moves:
— H.H. Gregg, a home appliances retailer, fell 45 cents, or 5.7 percent, to $7.44 after the company lowered its earnings forecast for fiscal 2013, citing declining demand for flat screen televisions.
— Harry Winston Diamond Corp. gained 62 cents to $15.08 after the company agreed to sell its namesake retail jewelry and watch division to Switzerland's Swatch Group in a deal valued at $1 billion.
— Sprint Nextel fell 23 cents, 3.9 percent, to $5.69 after JPMorgan cuts its rating on the stock to "neutral" to "overweight." The bank's analysts expect the company to spend big on capital investment this year and say that the outlook for subscriber growth in uncertain.
— United Parcel Service gained $1.32, or 1.7 percent, to $79.24 after the company scrapped plans to grow in Europe through the acquisition of Dutch delivery company TNT Express because of opposition from European regulators. The $6.9 billion deal would have been the largest acquisition in UPS's history.