Closing Update: Most Stocks Drift Lower, Halt 6-Day Streak

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Sluggish European manufacturing data coupled with light profit-taking pressure snapped a six-day winning streak on Wall Street with the Dow Industrials and S&P 500 drifting into the red and the Nasdaq Composite managing a very late push to end just in positive territory. Although Wall Street was unable to generate another challenge to record highs despite bullish U.S. economic data, any attempts to push equities sharply lower were mitigated by a minor retreat in energy prices and another active day in the M&A market.

The Markit Purchasing Manager's Index for June edged higher to 57.5 to a 4-year high, from 56.4 in April and beating expectations for a slight gain to 56.5. The components of the index, including output and employment, showed improvement in June as well.

Also, the National Association of Realtors reported a 4.9% increase in the sale of existing homes to a seasonally adjusted annual pace of 4.89 million. The street was expecting a smaller gain of 1.9% to 4.75 million units. In addition, April was revised upward to 4.66 million from 4.65 million prior.


Finally, the Chicago Fed index measuring overall economic activity and related inflationary pressures rose 0.21 in May, reversing a -0.32 index the month prior.

Today's mergers included multi-billion dollar deals between Oracle ( ORCL ) and Micros System ( MCRS ), Wisconsin Energy ( WEC ) and Integrys Energy ( TEG ), and Avago ( AVGO ) for PLX Technologies. Also General Electric (GE) was another step closer to acquiring Alstom's (ALSMY) power and grid businesses after the French company's board unanimously approved GE's offer.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was down 9 points (-0.1%) at 16,937

S&P 500 was down 0.2 point (-0.01%) at 1,962

Nasdaq Composite Index was up 0.6 point (+0.02%) at 4,368

GLOBAL SENTIMENT

FTSE 100 was down 0.36%

Nikkei 225 was up 0.13%

Hang Seng Index was down 1.68%

Shanghai China Composite Index was down 0.11%

UPSIDE MOVERS

(+) TGD Sells common shares at steep discount to select investors

(+) AGRX Contraceptive patch patent extension

(+) TEG To be bought by Wisconsin Energy ( WEC ) for $9.1 billion

DOWNSIDE MOVERS

(-) MTOR Joint venture between ZF Friedrichshafen AG and Meritor Transmission Corporation have entered a settlement agreement with Eaton Corporation plc. (ETN).

(-) CBMG Sells common shares at steep discount to select investors

(-) PRKR Judge rules in favour of Qualcomm (QCOM) in Patent infringement case



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: ORCL , MCRS , WEC , TEG , AVGO

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As of 12/26/2014, 04:15 PM


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