May 19, 2014 -- 4:15 p.m. - 05/19/14
Stocks posted gains on Monday. The Dow Jones Industrial Average rose 21 points to 16511. The S&P 500 was 7 points higher at 1885. The NASDAQ climbed 35 points to 4125.
The major averages advanced following more company M&A news. DirecTV was down 1.8% to $84.65 after the satellite TV operator agreed to be acquired by AT&T for $48.5 billion. Abbott Labs rose 1.5% to $39.63 on its proposed deal to purchase CFR Pharmaceuticals for approximately $3 billion. Shares of Pfizer added 0.6% to $29.28 after AstraZeneca rejected the companys $117 billion takeover offer.
On the earnings front, Campbell Soup declined 2.4% to $44.06 after providing a reduced full-year forecast. Urban Outfitters slipped 0.1% to $36.17 ahead of its scheduled quarterly results after the close.
Seven of 10 sectors in the S&P 500 finished in positive territory. Technology rose the most on the session. Apple was up 1.2% to $604.59. Shares of Facebook increased 2.1% to $59.21. Utilities were the worst performing group with an index of companies down 1.5% today. American Electric fell 3.2% to $51.02 and Duke Energy lost 1.5% to $70.30 to pace the sectors decline.
Breadth was positive on the NYSE by 11-6 on issues and 7-4 on volume. NYSE Composite volume totaled 2.6 billion shares. Over on the NASDAQ, advancers topped decliners by 7-3 on issues; 3-1 on volume.
Treasuries finished lower with the 10-year note falling 6/32 to yield 2.55%.
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.