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Closing Update: Late Bounce Fizzles, Keeping Stocks Underwater; Energy, Consumer Staples Pace Afternoon Recovery

Stocks Monday fought to recover from mid-day declines but came up short of crossing back into positive territory by the close. The markets sprang to strong gains early Monday following a number of high-profile mergers and acquisitions but turned lower after failing to push past resistance levels for the major indices. Energy stocks led the late-day climb for shares as crude oil rebounded from morning declines. Shares of consumer staple companies also scratched out small gains Monday.

Crude oil for November delivery reversed early decline to settle 60 cents higher at $90.34 per barrel while November natural gas fell 14 cents to $3.90 per 1 million BTU. December gold rose $14.50 to settle at $1,206.70 per ounce while December silver added 40 cents to $17.20 per ounce. December copper climbed 4 cents to $3.03 per pound.

Here's where the U.S. markets stand at the end-of-day:

Dow Jones Industrial Average down 17 points (-0.1%) at 16,991

S&P 500 down 3 points (-0.2%) at 1,964

Nasdaq Composite Index down 20 points (-0.5%) at 4,454

GLOBAL SENTIMENT

Hang Seng Index up 1.09%

Shanghai China Composite Index up 0.26%

FTSE 100 Index up 0.55%

UPSIDE MOVERS

(+) DRTX, Agrees to accept $675 mln buyout offer from Actavis plc ( ACT ), which will pay $23 in cash for each DRTX share, a 66% premium to Friday's closing price for the stock. Deal also includes up to $5 a share in contingent payments to DRTX.

(+) UNIS, Signs 15-year commerical supply agreement for wearable injectors with Sanofi ( SNY ). The deal also allows SNY to make UNIS injectors available to its partners. In addition to upfront payment and device sales, UNIS estimates deal will generate more than $50 mln from customization programs.

+) CFN, Accepts $12.2 bln buyout offer from Becton Dickinson ( BDX ), which will pay $58 in cash and stock for each CFN share.

DOWNSIDE MOVERS

(-) SNSS, Reports combination of its Vosaroxin drug candidate and an already-approved chemotherapy drug, Cytarabine, did not meet its primary goal of extending survival during Phase III testing in patients with first relapsed or refractory acute myeloid leukemia.

(-) GTAT, Plunges to record low after filing for Chapter 11 protection in federal bankruptcy court in New Hampshire. The Apple ( AAPL ) iPhone supplier reported $85 mln in cash on hand on Sept. 29; expects to secure additional money to fund operations.

(-) ADHD, MDX dryg candidate fails to improve attention-deficit hyperactivity disorder symptoms during Phase III testing of the experimental vitamin B6 formulation except when placebo patients are excluded from analysis.

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

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

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