By Anora Mahmudova and Carla Mozee, MarketWatch
MannKind leaps, Dean Foods slumps
NEW YORK (MarketWatch) -- The U.S. stock market opened higher on
Monday, boosted by a calmer geopolitical scene as well as dovish
remarks from a top Federal Reserve official.
The S&P 500 (SPX) opened 6 points, or 0.3%, at 1,937.85,
with all 10 sectors in positive territory. The Dow Jones Industrial
Average (DJI) added 41 points, or 0.3%, to 16,593.13.
The Nasdaq Composite (RIXF) began the session with a gain of 18
points, or 0.4%, at 4,389.66.
The economic calendar is empty, and investors focused on a
speech by Federal Reserve Vice Chairman Stanley Fischer.
In prepared comments for delivery at a conference in Stockholm,
Fischer said rebounds across advanced economies have been
disappointing, leading many observers, including the Fed, to reduce
their long-term expectations for growth potential in the U.S. Also
read: Fischer says Larry Summers could be right.
In geopolitical news, there was relative calm in Ukraine and the
Middle East. On Saturday, rebel fighters in Ukraine said they were
ready for a cease-fire. Meanwhile, Palenstians and Israelis agreed
on a ceasefire in Gaza that was holding on Monday.
Also read: Is this stock market a Super Moon illusion, or should
you buy the dips?
Stocks to watch
Shares of Mannkind (MNKD) surged 21% after the company reached a
licensing deal with Sanofi (SNY) to develop and sell inhaled
insulin drug Afreeza in the U.S.
Shares of Dean Foods (DF) slumped 8.3% after the milk and food
company reported a wider-than-expected loss and withdrew its
full-year outlook.
Kinder Morgan (KMI) jumped 17% following plans to consolidate
its oil-and-gas pipeline empire into a single company in a $44
billion deal. (Read more about the day's notable movers here:
http://www.marketwatch.com/story/priceline-and-dean-foods-are-stocks-to-watch-monday-2014-08-08.)
In other markets, oil futures (CLU4) posted minor gains, but
gold futures (GCZ4) inched lower. European stocks rose following
last week's losses, and Asian shares advanced, with Japan's Nikkei
Average up 2.4%.
More must-reads from MarketWatch:
10 stocks with the biggest cuts in earnings estimates
Can J.C. Penney stay on the comeback trail?
Why small-cap stocks will likely feel the most pain
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