Closing Update: Stocks Consolidate Near Friday's Close, Shrug Off Taper Talk

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Stocks held onto modest gains Monday, respecting a skin-tight range as investors took a breather after Friday's triple-digit rally in the Dow Jones Industrials followed an upbeat job-market report. Although some Fed officials tried to warn of increased odds for an imminent stimulus tapering as a result of November payroll data, the stock market regained its footing. Today's merger mania and upbeat Chinese trade data helped make the bull's case.

Some of the Federal Reserve's most hawkish members, speaking today, suggested that November payroll data is enough ammunition for the central bank to pare its stimulus program. But given the performance of both the stock and bond markets in the face of recent bullish economic data, investors have possibly already accepted an inevitable tapering, looking instead to challenge recent record highs.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was up 5.33 (0.03%) at 16,025

S&P 500 was up 3.28 (+0.2%) at 1,808.37

Nasdaq Composite Index was up 6.23 (+0.2%) at 4,068.75

GLOBAL SENTIMENT

FTSE 100 was up 0.11%

Nikkei 225 was up 2.29%

Hang Seng Index was up 0.29%

Shanghai China Composite Index was up 0.05%

UPSIDE MOVERS

HIHO Received three tooling orders designed to produce plastic components for printers offered by "a leading U.S. printer company."

SYY Agreed to acquire private food distributor US Foods for about $3.5 billion excluding debt.

HDSN The EPA has issued a proposed ruling pertaining to the allowances for virgin production of HCFCs, primarily R-22, for 2015 through 2019. EPA's proposed ruling sets the schedule for the final stage of the phase out of virgin R-22 production. R-22 is a widely used refrigerant in the residential and commercial setting, but has been shown to deplete the ozone layer.

DOWNSIDE MOVERS

ARRY Reported Monday an updated clinical safety and efficacy data on ARRY-614 in patients with myelodysplastic syndromes (MDS) that showed that ARRY-614 was "generally well tolerated" in lower-risk MDS patients.

CRIS Announced preliminary first-in-human results from its ongoing Phase 1 trial of CUDC-907 demonstrating preliminary evidence of anti-tumor activity.

LAYN Reports Q3 revenue of $216.5 mln, down from $281.3 mln in the year ago quarter and below the analyst consensus of $244.6 mln on Capital IQ. Pre-tax loss was $0.99, vs. year ago income of $0.38 per share



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.

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This article appears in: Investing , Commodities

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