U.S. Stocks Fluctuate as Internet Shares Slump

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U.S. stocks fluctuated, with a selloff in Internet and smaller companies extending to a second day, while Treasuries fell for the first time in a week before Federal Reserve policy makers begin a two-day meeting tomorrow.

The Nasdaq 100 Index lost 0.3 percent at 12:43 p.m. in New York, as Amazon.com Inc. and Netflix Inc. dropped at least 4.5 percent. The Dow Jones Industrial Average added 0.4 percent, buoyed by deal activity. Pfizer Inc. rallied 2.8 percent after confirming it had made a bid for AstraZeneca Plc, Britain��s second-biggest pharmaceutical company. The Russell 2000 Index of small companies sank 1.1 percent. The yield on 10-year Treasury notes rose three basis points to 2.70 percent. Oil reversed gains and gold declined.

Pfizer proposed buying AstraZeneca for about 58.8 billion pounds ($98.7 billion) and is still interested in a deal after the U.K. company spurned the offer, helping fuel speculation of more mergers and acquisitions. The U.S. imposed new sanctions on more individuals close to the Russian leader, while the European Union added names to its list of sanctioned persons. Russian stocks, bonds and the ruble rallied as the U.S. sanctions omitted the country��s largest lenders.

Copy Source : Bloomberg