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NEW YORK (CNNMoney)
The S&P 500 was flat while the Dow Jones industrial average and the Nasdaq were slightly lower.
Investors have been pleased by the latest batch of corporate earnings -- even though profit growth has been sluggish. About half of the companies in the S&P 500 have reported their third quarter results. So far, overall earnings have increased 2.3%, according to FactSet.
Shares of Merck (MRK, Fortune 500) fell after the drugmaker reported sales that missed forecasts.
Burger King (BKW) surged after the fast food chain reported earnings and revenue that topped forecasts. Apple (AAPL, Fortune 500) and Herbalife (HLF) are due to report in the afternoon.
Apple is expected to report earnings of $7.96 per share, down 8% from last year, according to a survey of analysts by Thomson Reuters. Earnings for the iPhone and iPad maker have declined for three quarters in a row.
Related: This could be Fed's largest stimulus yet
Stocks have also found recent support on hopes of continued stimulus from the Federal Reserve.
The Fed has a policy meeting this week and is widely expected to say it will continue buying $85 billion in bonds and mortgage-backed securities a month. This unprecedented liquidity has buoyed equity markets around the world.
On the economic front Monday, the Fed said industrial production increased 0.6% in September, following a 0.4% rise in August. Still to come, the National Association of Realtors publishes its monthly report on pending home sales.
Related: Investors wait for Fed, Apple and Facebook
European markets were lower in morning trading. Nearly all Asian markets ended with gains Monday. Japan's Nikkei surged more than 2%, recovering from a near 3% drop on Friday.
Marc Chandler, strategist for Brown Brothers Harriman, said the rally was supported by strong outlooks from Panasonic (PCRFF), Toyota (TM) and Canon (CAJ).
First Published: October 28, 2013: 9:48 AM ET
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