Texarkana, TX 65° Thu H 85° L 62° Fri H 88° L 67° Sat H 87° L 70° Weather Sponsored By:

US stocks add to 2 weeks of gains, helped by deal-making

US stocks add to 2 weeks of gains, helped by deal-making

June 17th, 2019 by Associated Press in National News

NEW YORK — U.S. stocks posted slight gains on Wall Street on Monday, adding a bit to the last two weeks of gains.

However, trading remains choppy as uncertainty continued over several ongoing trade disputes and their possible effect on economic growth.

The Dow Jones industrial average edged up 22.92 points, or 0.1%, to 26,112.53. The S&P 500 index rose 2.69 points, or 0.1%, to 2,889.67 and the Nasdaq composite index rose 48.37 points, or 0.6%, to 7,845.02.

Financial companies were the biggest losers as bond yields slipped. The KBW Bank index, a measurement of the 24 biggest banks, fell 1.3%.

The muted gains mirror last week's pattern of choppy day-to-day trading as investors search for direction ahead of an interest rate decision by the Federal Reserve on Wednesday.

Investors focused on a round of deal-making, while continuing to pay close attention to the ongoing trade dispute between the U.S. and China.

The current impact from the spat between the U.S. and China isn't enough to cause a recession, but a further escalation of tensions could become a trigger, according to Jason Pride, chief investment officer of private wealth for Glenmede.

"I think that's why investors are so focused on this trade issue," he said. "In a worst case scenario, we're talking about a 1.5% GDP impact."

The worst-case scenario would involve additional tariffs on Chinese goods along with other global tariffs, including the currently postponed actions against Mexico.

The S&P 500 eked out a modest gain of 0.5% last week. Investors have been swinging between risky and safe-play holdings on a lack of developments in the ongoing trade war between the U.S. and China. Jitters over trade disputes and their impact on global economic growth have created a volatile market.

Array BioPharma surged 57% after announcing that it had agreed to be bought by pharmaceutical giant Pfizer for $11.4 billion.

Array currently makes an advanced skin cancer treatment and has a deep pipeline of cancer drugs in development. Pfizer makes a wide range of cancer and other drugs. It is the biggest U.S. drugmaker by revenue. Pfizer rose 0.3% to $42.87 a share.

New York auction house Sotheby's surged 58.6% after announcing its sale to Patrick Drahi, a media and telecom entrepreneur and art collector.

Other companies were also moving after announcing deals.

Oilfield services company C&J Energy Services surged 20% after announcing it is being bought by rival Keane Group in an all-stock deal. LegacyTexas Financial Group rose roughly 2% after it announced a $2.1 billion cash and stock sale to regional bank Prosperity Bancshares.

Align Technology fell more than 6% after the medical device maker ended discussions about a potential distribution deal with Straumann Group. The company focuses on products for the dental industry. The deal was initially part of a patent dispute settlement with a unit of Straumann. Instead, Align will receive a $16 million payment.

In other trading, benchmark crude oil fell 1.1% to settle at $51.93 a barrel. Brent crude oil, the international standard, dropped 1.7% to close at $60.94 a barrel. Wholesale gasoline fell 2.4% to $1.69 per gallon. Heating oil was down 1.6% to $1.80 per gallon. Natural gas was mostly unchanged at $2.39 per 1,000 cubic feet.

Gold edged down 0.1% to $1,342.90 per ounce, silver rose 0.2% to $14.83 per ounce and copper rose 0.6% to $2.65 per pound.

The dollar rose to 108.57 Japanese yen from 108.55 yen on Friday. The euro weakened to $1.1216 from $1.1207.

Getting Started/Comments Policy

Getting started

  1. 1. If you frequently comment on news websites then you may already have a Disqus account. If so, click the "Login" button at the top right of the comment widget and choose whether you'd rather log in with Facebook, Twitter, Google, or a Disqus account.
  2. 2. If you've forgotten your password, Disqus will email you a link that will allow you to create a new one. Easy!
  3. 3. If you're not a member yet, Disqus will go ahead and register you. It's seamless and takes about 10 seconds.
  4. 4. To register, either go through the login process or just click in the box that says "join the discussion," type your comment, and either choose a social media platform to log you in or create a Disqus account with your email address.
  5. 5. If you use Twitter, Facebook or Google to log in, you will need to stay logged into that platform in order to comment. If you create a Disqus account instead, you'll need to remember your Disqus password. Either way, you can change your display name if you'd rather not show off your real name.
  6. 6. Don't be a huge jerk or do anything illegal, and you'll be fine.

Texarkana Gazette Comments Policy

The Texarkana Gazette web sites include interactive areas in which users can express opinions and share ideas and information. We cannot and do not monitor all of the material submitted to the website. Additionally, we do not control, and are not responsible for, content submitted by users. By using the web sites, you may be exposed to content that you may find offensive, indecent, inaccurate, misleading, or otherwise objectionable. You agree that you must evaluate, and bear all risks associated with, the use of the Gazette web sites and any content on the Gazette web sites, including, but not limited to, whether you should rely on such content. Notwithstanding the foregoing, you acknowledge that we shall have the right (but not the obligation) to review any content that you have submitted to the Gazette, and to reject, delete, disable, or remove any content that we determine, in our sole discretion, (a) does not comply with the terms and conditions of this agreement; (b) might violate any law, infringe upon the rights of third parties, or subject us to liability for any reason; or (c) might adversely affect our public image, reputation or goodwill. Moreover, we reserve the right to reject, delete, disable, or remove any content at any time, for the reasons set forth above, for any other reason, or for no reason. If you believe that any content on any of the Gazette web sites infringes upon any copyrights that you own, please contact us pursuant to the procedures outlined in the Digital Millennium Copyright Act (Title 17 U.S.C. § 512) at the following address:

Copyright Agent
The Texarkana Gazette
15 Pine Street
Texarkana, TX 75501
Phone: 903-794-3311
Email: webeditor@texarkanagazette.com