Markets Edge Higher; PPG To Acquire Comex For $2.3 Billion
Following the market opening Monday, the Dow traded up 0.02 percent to 16,854.35 while the NASDAQ surged 0.17 percent to 4,405.27. The S&P also rose, gaining 0.09 percent to 1,962.79.
Leading and Lagging Sectors
In trading on Monday, technology shares were relative leaders, up on the day by about 0.22 percent. Top gainers in the sector included ChinaCache International Holdings (NASDAQ: CCIH), up 5.7 percent, and ServiceSource International (NASDAQ: SREV), up 6.7 percent.
Mexico-based Comex had sales of around $1 billion in 2013.
Equities Trading UP
Shares of ServiceSource International (NASDAQ: SREV) got a boost, shooting up 6.57 percent to $6.00 after Altai Capital reported a 9.9% stake in ServiceSource.
GW Pharmaceuticals plc (NASDAQ: GWPH) shares were also up, gaining 4.25 percent to $100.23 as Piper Jaffray raised the price target on the stock from $97 to $147.
Equities Trading DOWN
Shares of MBIA (NYSE: MBI) were down 5.13 percent to $10.90 as BTIG Research downgraded the stock from Buy to Neutral.
Rayonier (NYSE: RYN) was down, falling 27.74 percent to $35.07. Rayonier completed the spin-off of Rayonier Advanced Materials (NYSE:RYAM). Analysts at RBC Capital downgraded Rayonier from Outperform to Sector Perform.
In commodity news, oil traded down 0.46 percent to $105.25, while gold traded down 0.36 percent to $1,315.20.
Silver traded down 0.80 percent Monday to $20.97, while copper rose 0.17 percent to $3.17.
European shares were mostly lower today.
The eurozone’s STOXX 600 rose 0.04 percent, the Spanish Ibex Index dropped 0.30 percent, while Italy’s FTSE MIB Index slipped 0.22 percent.
Meanwhile, the German DAX climbed 0.29 percent and the French CAC 40 tumbled 0.22 percent while UK shares declined 0.11 percent.
The Chicago PMI dropped to 62.6 in June, versus 65.5 in May. However, economists were expecting a reading of 64.3.
The pending home sales index rose 6.1% to reach 103.9 in May, up from 97.9 in April.
The Treasury is set to auction 3-and 6-month bills.
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