By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market dipped in and
out of negative territory on Monday, with the S&P 500 and Dow
Industrials hovering near record levels reached on Friday.
Economic data released on Monday were positive, however,
investors weighed mixed manufacturing reports from Asia and
eurozone.
The S&P 500 (SPX) was down 1 points, or 0.1%, at 1,962.38,
hovering near record levels. The Dow Jones Industrial Average (DJI)
shed 24 points, or 0.2%, to 16,922.27. The Nasdaq Composite (RIXF)
was off 3 points at 4,364.61.
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action.
In economic news, a gauge of economic activity in May from the
Chicago Federal Reserve tick up, while a preliminary June reading
of business activity from Markit's Purchasing Managers' Index rose
to the highest level since May 2010.
Sales of existing homes increased 4.9% in May to a seasonally
adjusted annual rate of 4.89 million, the National Association of
Realtors reported Monday. A strengthening labor market, expanding
inventories and recent drops in mortgage rates supported the second
straight monthly increase in sales.
Ahead of U.S. markets, investors received a mixed batch of
global PMI reports. HSBC's closely watched preliminary read on the
Chinese manufacturing sector swung to growth from contraction,
hitting a seven-month high at 50.8. But business activity in the
manufacturing and services sectors in the euro zone slowed for a
second straight month in June.
Integrys Energy, Central Garden & Pet soar on M&A
news
In corporate news, Integrys Energy Group Inc. (TEG) shares
surged 15% after the Wisconsin Energy Corp. (WEC) agreed to acquire
Integrys in a cash-and-stock deal worth about $5.71 billion. Shares
of Wisconsin Energy inched down 0.6%.
Central Garden & Pet Co. (CENT) shares jumped 10% after
Philip Falcone's Harbinger Group Inc. offered to buy Central Garden
& Pet for $10 a share in cash.
Oracle Corp. (ORCL) agreed to buy Micros Systems Inc.(MCRS) for
$5.3 billion in cash. Oracle shares were 0.5% higher. Micros share
rose 3.2%.
Shares of Lululemon Athletica Inc. (LULU) rose 3.5% after a Wall
Street Journal reported the yoga-apparel company's founder, Dennis
"Chip" Wilson, is working with Goldman Sachs bankers as he seeks to
influence the company's operations. Wilson gave up his role as
Lululemon's chairman last month.
AbbVie Inc. (ABBV) shares rose 1.8% after the pharmaceutical
company lifted the midpoint of its 2014 per-share earnings
guidance.
FMC Corp. (FMC) shares fell 3.4% after the chemical company cut
its second-quarter and full-year guidance for earnings.
European stocks fall, oil and gold ease back
In other financial markets, Chinese and Hong Kong shares lost
grip of gains that came after an upbeat preliminary reading from
HSBC's China purchasing managers' index, while other Asian markets
closed higher.
European stocks stayed lower following a report of slower
euro-zone business activity in June.
Gold for August delivery (GCQ4) fell $2 to $1,314.5 after last
week's rise of 3.3%. Oil prices rose initially, but eased back.
Nymex August oil (CLQ4) and August Brent crude futures were little
changed.
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