U.S.
stocks slipped following the Standard & Poor’s 500 Index’s best
weekly rally this year, as gains in consumer companies were overshadowed
by a retreat in Allergan Plc and Pfizer Inc. amid their record $160
billion merger deal.
Allergan
and Pfizer slipped more than 2.6 percent. Electronic Arts Inc. fell 4.8
percent as GameStop Inc. said sales of the video-game maker’s Star
Wars: Battlefront were weaker than expected. Tyson Foods Inc. gained 10
percent after boosting its dividend and its profit outlook was better
than some analysts expected. Kellogg Co. rallied the most in almost a
year after an analyst upgrade.
The
S&P 500 fell 0.1 percent to 2,086.59 at 4 p.m. in New York, after
rising 3.3 percent last week, the most since December. The Dow Jones
Industrial Average lost 31.13 points, or 0.2 percent, to 17,792.68. The
Nasdaq Composite Index declined 0.1 percent. The Russell 2000 Index
increased 0.4 percent, bolstered by gains in health-care and consumer
discretionary shares. About 6.2 billion shares traded hands on U.S.
exchanges 17 percent below the three-month average.
Source: Bloomberg
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