Markets Right Now: Stocks finish mixed in quiet trading
Posted August 28
NEW YORK — The latest on developments in financial markets (All times local):
Stocks are finishing little changed on a quiet day of trading as health care companies rise and energy and insurance companies slip.
Biotech drug companies rose Monday after Gilead Sciences agreed to buy cancer drug developer Kite Pharma for $11.9 billion. Kite Pharma rose 28 percent and Gilead gained 1.2 percent.
Energy companies and oil prices dropped as Tropical Storm Harvey continued to deluge the Gulf Coast. Anadarko Petroleum lost 2.6 percent.
Insurer Travelers fell 2.6 percent as investors expected losses related to the damage caused by the storm.
The Standard & Poor's 500 index rose 1 point, or less than 0.1 percent, to 2,444.
The Dow Jones industrial average lost 5 points to 21,808. The Nasdaq composite rose 17 points, or 0.3 percent, to 6,283.
U.S. stock indexes are little changed at midday as health care and technology companies rise and energy companies trade lower.
Investors bought shares of gasoline refiners Monday as Tropical Storm Harvey continued to deluge the Gulf Coast. Valero Energy rose 1.6 percent.
Insurance companies and oil drillers slumped. Travelers lost 2.9 percent and Apache gave up 2.5 percent.
The Standard & Poor's 500 index rose less than a point, to 2,443.
Drugmaker Gilead Sciences agreed to buy cancer drug developer Kite Pharma for $11.9 billion. Kite Pharma rose 28.4 percent and Gilead gained 2.4 percent.
The Dow Jones industrial average fell 4 points to 21,809. The Nasdaq composite rose 22 points, or 0.4 percent, to 6,287.
On the New York Stock Exchange, more stocks fell than rose.
Stocks were opening higher on Wall Street Monday led by materials companies and utilities.
Banks and other financial companies were the only laggards among the sectors in the S&P 500.
The S&P 500 rose 5 points, or 0.2 percent, to 2,448.
The Dow Jones industrial average gained 27 points, or 0.1 percent, to 21,840. The Nasdaq rose 11 points, or 0.2 percent, to 6,276.
Bond prices fell. The yield on the 10-year Treasury rose to 2.17 percent.