April 28, 2014 -- 4:15 p.m. - 04/28/14
Stocks were up on Mondays session. The Dow gained 87 points to 16448. The S&P 500 rose 6 points to 1869. The NASDAQ recovered from a 61 point decline to close down a point at 4074.
The major averages were mostly higher as M&A news in the health care sector offset weakness in financials. Pfizer added 4.2% to $32.05 amid reports the drug maker is attempting to renew takeover talks with AstraZeneca. Bank of America lost 6.2% to $14.96 after suspending its dividend and buyback due to an error in calculating its capital ratios.
On the economic front, a report showed pending home sales unexpectedly rose 3.4% in March. Among todays earnings releases, Corning climbed 1.1% to $20.97 after quarterly results topped consensus estimates. Investors also kept an eye on Eastern Europe as the U.S. and European Union announced additional sanctions against Russia over the conflict in Ukraine.
Seven of 10 sectors in the S&P 500 were up today. Telecom and technology rose the most on the session. AT&T gained 1.7% to $35.08. Apple added 3.9% to $594.09 to counter Facebook declining 2.7% to $56.14. Materials were the worst performing group. Shares of Newmont Mining fell 6.7% to $24.67.
Breadth on the NYSE was even issues and 5-4 negative on volume. NYSE Composite volume totaled 4 billion shares. The NASDAQ was negative by 7-4 on issues; 2-1 on volume.
Treasuries declined with the 10-year note off 9/32 to yield 2.70%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.