Consumer goods firms lead US stocks slightly higher

FILE - This Tuesday, Oct. 25, 2016, file photo shows the New York Stock Exchange at sunset, in lower Manhattan. Global stocks fell Monday, Nov. 13, 2017, as investors became more cautious after several market indexes hit record highs in the past week. (AP Photo/Mary Altaffer, File)

U.S. stock indexes edged higher in afternoon trading Monday as investors sized up a batch of corporate deal news. Mattel soared on a report that Hasbro offered to buy the rival toymaker. Consumer and household goods companies posted some of the biggest gains, offsetting losses by industrial and energy stocks.

KEEPING SCORE: The Standard & Poor’s 500 index rose 2 points, or 0.1 percent, at 2,585 as of 2:15 p.m. Eastern time. The Dow Jones industrial average gained 29 points, or 0.1 percent, to 23,451. The Nasdaq composite added 7 points, or 0.1 percent, to 6,758.

LET’S PLAY TOGETHER: Toymaker Mattel soared 21 percent following a report that rival Hasbro made an offer to buy the company. Mattel was the biggest gainer in the S&P 500, climbing $3.07 to $17.69. Hasbro added $5.30, or 5.8 percent, to $96.75. More stocks fell than rose on the New York Stock Exchange.

SHOPPING FOR MALLS: GGP jumped 8.4 percent after Brookfield Property Partners offered to buy the rest of shopping mall owner for $14 billion, or $23 a share. Shares in GGP rose $1.87 to $24.07.

NO, THANKS: Qualcomm rose 3.2 percent after the company rejected an unsolicited takeover offer from Broadcom worth $103 billion, or $70 a share, saying the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance. Shares in Qualcomm added $2.09 to $66.66. Broadcom fell 96 cents to $264.

EAT ‘EM UP: Tyson Foods rose 1.6 percent after the meat producer posted a larger profit and greater sales than analysts had expected. The stock added $1.16 to $75.30.

CONSUMER FRIENDLY: Consumer and household goods companies were among the big gainers. J. M. Smucker rose $1.98, or 1.9 percent, to $106.10.

GE DIVIDEND: General Electric slumped 8 percent after it said that it will slash its dividend in half to 12 cents per share, starting next month. The company also released annual profit projections that were well below what Wall Street had been expecting. Chairman and CEO John Flannery, speaking to investors gathered in Boston, said the cost-cutting maneuver is part of the measures GE will undertake to make the company simpler and stronger. The stock was the biggest decliner in the S&P 500, losing $1.64 to $18.85.

MORE ASSETS: WisdomTree Investments fell 5.4 percent after the asset management company said it will pay $611 million to buy a European division of ETF Securities. Shares in WisdomTree shed 64 cents to $11.30.

BONDS: Bond prices rose. The yield on the 10-year Treasury note slipped to 2.39 percent from 2.40 percent late Friday.

OIL: Benchmark U.S. crude declined 5 cents to $56.69 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, was down 38 cents to $63.14 in London.

Energy companies were trading broadly lower. Newfield Exploration slid $1.11, or 3.3 percent, to $32.21.

METALS: Gold rose $4.70 to $1,278.90 an ounce. Silver added 18 cents to $16.05 an ounce. Copper gained 4 cents to $3.12 a pound.

CURRENCIES: The dollar rose to 113.60 yen from 113.54 yen on Friday. The euro strengthened to $1.1667 from $1.1618. The pound slid to $1.3110 from $1.3126 as investors worried that British Prime Minister Theresa May is facing a rebellion within her own party over the handling of the Brexit talks.

MARKETS OVERSEAS: In Europe, Germany’s DAX shed 0.4 percent, while France’s CAC 40 fell 0.7 percent. London’s FTSE 100 slid 0.2 percent. In Asia, Tokyo’s Nikkei 225 fell 1.3 percent, while Hong Kong’s Hang Seng gained 0.2 percent. Seoul’s Kospi slid 0.5 percent. Sydney’s S&P-ASX 200 fell 0.1 percent. India’s Sensex lost 0.4 percent. Benchmarks in New Zealand and Jakarta rose, while Taiwan and Singapore declined.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s