By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market rose on Monday
with technology companies leading modest gains.
Stocks traded sideways for the most of the session as investors
assessed disappointing quarterly results from Campbell Soup Co. and
deal news including AstraZeneca's rejection of a $120 billion bid
by Pfizer Inc.
The S&P 500 index (SPX) was up 7 points, or 0.4%, at
1,884.76. The Dow Jones Industrial Average (DJI) was trading 24
points, or 0.2%, higher at 16,515.14. The Nasdaq Composite (RIXF)
added 33 points, or 0.8%, to 4,123.31.
Follow MarketWatch's live blog of today's stock-market
action.
"There is news vacuum today, so markets are edging higher as
there is nothing to hold them back," says Channing Smith, managing
director at Capital Advisors.
"Traders will be watching key technical levels at this point and
the 10-year Treasury yields. If the 10-year note yields fall below
the 2.46% level, then we might see weakness in equities." he
added.
In the absence of economic news, investors turned their
attention to two Fed speakers on Monday. Dallas Fed President
Richard Fisher, a voting member of the Fed policy committee, and
San Francisco Fed President John Williams, a nonvoting member, as
well as the former Fed Chairman Ben Bernanke, spoke at a panel in
Dallas hosted by former President George W. Bush and his institute
at 12:10 p.m. Eastern. Recap of the live blog of Fed talk with
Fisher, Williams and Bernanke.
In corporate news, Campbell Soup (CPB) shares stumbled 2.4% as
weak soup sales led to the company cutting its full-year
forecast.
Shares of AT&T (T) fell 1.7% after the telecom giant agreed
to buy satellite-television provider DirecTV (DTV) in a
stock-and-cash deal worth $67.1 billion, including debt. DirecTV
shares also fell 1.7%.
Google Inc.'s (GOOG) YouTube unit has reached a deal to buy
Twitch, a privately held video-streaming service for gamers, for
more than $1 billion, according to a report Sunday in Variety,
which cited "sources familiar with the pact." Shares in Google rose
1.4%.
Apple Inc.(AAPL) shares rose 1.43% to $606.83, the first time
the stock has traded above $600 since it successfully breached that
level in early May. Its previous foray above that level was in
October 2012.
The move higher comes after Apple and Google agreed to dismiss
all outstanding patent disputes although there is no
cross-licensing agreement as part of the deal.
U.S.-listed shares of AstraZeneca (AZN) dropped 11% after the
drug maker again rebuffed Pfizer's "final" offer of GBP55 a share
($89.96) saying it undervalues the company. The offer values
AstraZeneca at about $120 billion, while the previous offer of
GBP50-a-share put the deal at about $106 billion. Pfizer (PFE)
shares were up 1%.
Apparel and accessories retailer Urban Outfitters (URBN) is
scheduled to report first-quarter earnings results late Monday. The
company projected to report earnings of 27 cents a share, according
to a consensus survey by FactSet.
Asian market fall, gold recaptures the $1,300 level
Asian shares fell, with Shanghai stocks hit following a report
that China's property prices are showing further signs of a
slowdown amid government curbs. In Europe, the Stoxx Europe 600 was
weighed in part by a nearly 13% slide in AstraZeneca shares traded
in London.
Among commodities, gold futures pared earlier gains (GCM4) and
fell back below the $1,300-an-ounce level. Crude oil (CLM4) rose 60
cents to $102.18 a barrel, and the ICE dollar index (DXY) fell to
79.972 from 80.08 late Friday.
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