Mid-Afternoon Market Update: Markets in the Red as American Airlines/US Airways Merger Approved
Toward the end of trading Tuesday, the Dow traded down 0.28 percent to 15,741.08 while the NASDAQ dropped 0.05 percent to 3,918.43. The S&P also fell, declining 0.29 percent to 1,766.89.
Making the top headlines Tuesday afternoon was news that American Airlines (OTCQB: AAMRQ) and US Airways (NYSE: LCC) had reached a settlement with federal regulators to allow the companies to execute a $17.2 billion merger.
The news sent shares of both company's stock soaring, while significantly affecting shares of every major player in the airline industry Tuesday afternoon.
Equities Trading UP
Heartland Express (NASDAQ: HTLD) shot up 24.23 percent to $17.79 after the company reported that it has acquired Gordon Trucking for $300 million.
Western Refining (NYSE: WNR) was up as well, gaining 9.18 percent to $36.14 after the company announced it had bought a stake in Northern Tier Energy.
Equities Trading DOWN
Shares of Rackspace Hosting (NYSE: RAX) were down 12.59 percent to $43.09 after the company reported a 40 percent drop in its third-quarter net income.
Sarepta Therapeutics (NASDAQ: SRPT) was also down, falling a staggering 65.20 percent to $12.71 Tuesday after the company announced the FDA was slowing its trial of its muscular dystrophy drug- a major setback for the company.
In commodity news, oil traded down 2.11 percent to $93.13, while gold traded down 1.15 percent to $1,266.20.
Silver traded down 3.01 percent Tuesday to $20.72, while copper fell 1.18 percent to $3.22.
European shares were lower today. The Spanish Ibex Index tumbled 0.84 percent, while Italy's FTSE MIB Index fell 0.54 percent. Meanwhile, the German DAX dropped 0.34 percent and the French CAC 40 declined 0.61 percent while U.K. shares fell 0.02 percent.
The NFIB's small-business optimism index fell to 91.6 in October, versus 93.9 in September.
The Chicago Fed National Activity Index came in at 0.14 for September. However, economists were expecting a reading of 0.15.
The ICSC-Goldman Sachs store sales index rose 1.2 percent in the week ending Saturday versus the earlier week.
The Johnson Redbook Retail Sales Index dropped 0.8 percent in the first week of November versus October.
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