US Stocks Edge Higher 06/17 09:45
U.S. stocks edged higher in early trading on Wall Street Monday following
two weeks of gains.
NEW YORK (AP) -- U.S. stocks edged higher in early trading on Wall Street
Monday following two weeks of gains.
Trading remained choppy as uncertainty continued over several ongoing trade
disputes and their possible effect on economic growth.
Technology companies were among the early gainers. Qualcomm, Facebook and
Netflix rose. Retailers also gained ground. Amazon and CarMax climbed.
Utilities and makers of consumer products lagged the market as investors
headed away from safe-play stocks to riskier holdings. Coca-Cola fell.
The muted gains mirror last week's pattern of choppy day-to-day trading as
investors search for direction ahead of an interest rate decision by the
Federal Reserve later this week.
KEEPING SCORE: The S&P 500 index rose 0.2% as of 10:26 a.m. Eastern time.
The Dow Jones Industrial Average rose 44 points, or 0.2%, to 26,134. The Nasdaq
composite rose 0.7%.
COSTLY PRESCRIPTION: Array BioPharma surged 57.4% after announcing that it
had agreed to be bought by pharmaceutical giant Pfizer for $11.4 billion.
Array currently makes an advanced skin cancer treatment and has a deep
pipeline of cancer drugs in development. Pfizer makes a wide range of cancer
and other drugs. It is the biggest U.S. drugmaker by revenue.
SURGING BID: New York auction house Sotheby's surged 57.1% after announcing
its sale to Patrick Drahi, a media and telecom entrepreneur and art collector.
THE CONTEXT: The S&P 500 eked out a slight 0.5% gain last week. That
followed a 4.4% weekly gain. Investors have been swinging between risky and
safe-play holdings on a lack of developments in the ongoing trade war between
the U.S. and China. Jitters over trade disputes and their impact on global
economic growth have created a volatile market.