By Anora Mahmudova and Sara Sjolin, MarketWatch McDonald's skids
after disappointing November sales figures
NEW YORK (MarketWatch) -- The U.S. stock market struggled to
move higher on Monday as sharp falls among energy companies, which
closely tracked oil's continued price slide, weighed on the key
benchmarks. Downbeat economic reports form China, Japan and Europe
also dented sentiment.
Losses in the S&P 500 (SPX) were led by energy companies, as
the sector dropped 1.8%. The Dow Jones Industrial Average (DJI)
moved lower, with McDonad's Corp. taking a bite out of the
blue-chip stock index.
Meanwhile, the tech-heavy Nasdaq Composite (RIXF) was higher
thanks to big gains among biotechnology stocks.
The broader market moves are playing out amid the back drop of
crude oil's continued slide. Crude oil (CLF5) fell more than 2% on
Monday. The top five decliners on the S&P 500 were energy
stocks, sliding more than 5%.
Concerns about the health of the global economy resurfaced on
Monday after disappointing Chinese trade numbers and data showing
Japan's economy contracted more than initially forecast in the
third quarter. Figures from Germany showed industrial production
expanded less than expected in October.
The euro (EURUSD) traded around a 28-month low after Ewald
Nowotny, member of the European Central Bank's Governing Council,
said the currency union is the weak spot in the world economy.
European stock markets were also mostly lower.
Movers and shakers: Cubist Pharmaceuticals Inc.(CBST) soared
after drug giant Merck & Co. Inc. (MRK) agreed to buy the
smaller antibiotics maker for $8.4 billion. Merck shares were
unchanged.
McDonald's Corp (MCD) shares slid after the fast-food chain
posted sharper-than-expected sales declines across all of its
divisions in November.
Shares of Celgene Corp (CELG) jumped on news that the biotech
company extended its partnership with Agios to work on a cancer
drug.
(Read more in today's Movers & Shakers column:
http://www.marketwatch.com/story/vail-resorts-hr-block-earnings-in-focus-2014-12-07.)
Other markets: Asian markets got their first chance to react to
the solid U.S. nonfarm-payrolls numbers, sending indexes in Japan
and China higher. China's Shanghai Composite closed above 3,000 for
the first time since 2011.
In metals, gold traded mostly higher, while the dollar (DXY)
rose against most major currencies.
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