US stocks flirted with record highs throughout the day, falling short by the end of the session as investors await upcoming earnings reports from major companies which began with Alcoa after the bell. The aluminum giant said profits slipped, partly due to charges for its pending acquisition of Alcan.

Turning to the markets; The Dow Jones Industrials was up 38 points closing at 13,650; the S&P500 managed to gain 1 point hitting 1,532, and the Nasdaq was up 4 points finishing at 2,670.

In company news, Shares in Sequa surged 52.61% to $173.24 topping the list of gainers on the New York Stock Exchange Monday. The jump came after private equity firm Carlyle Group said it would buy the aircraft and auto parts maker for $2 billion. The $175-a-share offer is a 54 per cent premium to the stock's most recent closing price. Sequa said the estate of founder Norman Alexander and related entities have agreed to vote in favor of the transaction.