Mid-Morning Market Update: Markets Fall, GE To Acquire Lufkin
Following the market opening Monday, the Dow traded down 0.29 percent to 14,522.32 while the NASDAQ dropped 0.03 percent to 3,202.77. The S&P also fell, declining 0.15 percent to 1,550.94.
The S&P 500 found support at the 1,540 level on Friday, closing around the 1,550 resistance area, while 1,560 will act as resistance above that.
The Dow is holding support at 14,425 and closing in on its 14,550 resitance, while 14,600 will act as resistance further up.
The Russell closed Friday about its daily 50 EMA at 920.55, with 940 resistance above.
Finally, the NASDAQ looks to be showing resistance at 3,240, while displaying support around the 3,170 level.
Lufkin shareholders will receive $88.50 in cash for each Lufkin share.
Shares of Gol Linhas Aereas Inteligentes (NYSE: GOL) got a boost, shooting up 11.09 percent to $5.91 after the company reported that SMILES has formed partnerships with Polishop and Cybelar.
Weatherford International (NYSE: WFT) was also up, gaining 5.48 percent to $12.70 after Lufkin deal.
Equities Trading DOWN
Rio Alto Mining (NYSE: RIOM) was also down, falling 4.19 percent to $4.35after the company reported that its La Arena Gold Mine poured 36,355 ounces of gold in the first quarter.
Shares of Lloyds Banking Group plc (NYSE: LYG) were down 3.09 percent to $2.82.
Korea Electric Power (NYSE: KEP) shares tumbled 4.07 percent to $12.96.
In commodity news, oil traded up 0.13 percent to $3.37, while gold traded up 0.01 percent to $1,576.10.
Silver traded down 0.18 percent Monday to $27.17, while copper rose 0.69 percent to $3.37.
European shares were mostly higher today. The Spanish Ibex Index rose 0.01% while the Italian FTSE MIB Index rose 0.23 percent. Meanwhile, the German DAX fell 0.09 percent and the French CAC gained 0.22 percent and U.K. shares gained 0.18 percent.
The TD Ameritrade Investor Movement Index is expected to be released and the Treasury is set to auction 4-week, 3-, and 6-month bills.
Fed Chairman Ben Bernanke is expected to speak at 7:15 pm.
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