Stocks Finished Mixed – Acadiana Business Index
- The Dow finished down over 8 points at 12871. The NASDAQ ended the session 16 points higher at 2951. The S&P 500 added 3 points to close at 1365. Breadth was positive with advancing issues outpacing decliners by 12 to 5 on the NYSE and 13 to 7 on the NASDAQ. NYSE composite volume totaled over 3.2 billion shares.
- The major averages fell in early action after Monday morning’s ISM manufacturing report showed activity unexpectedly fell to 49.7 in June, down from 53.5 in May.
- The market recovered with defensive sectors advancing to offset a retreat by economically sensitive stocks. Telecom was the best performing group with AT&T rising 54 cents to $36.20. Shares of DuPont fell $1.14 to $49.43 while Caterpillar declined $1.23 to $83.68. M&A news also helped to buffer investor disappointment in the ISM data.
- Shares of Lincare Holdings added $7.31 to $41.33 after Germany’s Linde agreed to buy the company for $3.8 billion. Amylin Pharmaceuticals gained $2.46 to $30.69 after Bristol-Meyers agreed to acquire the diabetes drug maker for $5.3 billion. Shares of Best Buy climbed $1.24 to $22.20 on reports the company’s founder is close to making a bid for the electronics retailer.
- Treasuries finished higher with the 10-year note up 1/2 a point to yield 1.59%.
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